Let's be honest; it's about the car. There is a reason Adrian Newey has won titles with 3 teams. There is a reason MClaren is going back to Mercedes. There is a reason why Toro Rosso only wins in the wet. There is a reason driver salaries are down. There is a reason we have 18 year old drivers.
I think the only way to go back to exciting racing is bringing back more variables. Less Tilke / new age tracks (more track diversity), refueling / more tire manufacturers and the like, go back to the old school points system, and get rid of these crazy stewards that are killing races like the one Vetell had in Canada. Have a technical regulations package that has a diminishing return past a certain amount of $ spent. Make it more about mechanical grip and less about aero.
I remember listening to a beyond the grid podcast with Juan Pablo Montoya. The host kept trying to pull the whole "what was it like to race with Michael" ooze fest. Juan simply stated he was in the best car, and when he was at Mercedes he didn't do that well. All the drivers on the grid are good. All of them. The difference between the champions is some skill and a lot of luck, and managers making the right moves.
Don't get me wrong; it takes skill. But (especially today) to say that drivers are not second place to the cars is somewhat ignorant. The only pair of teammates on the grid right now who have any legitimate gap are Albon and Verstappen. Other than that, it's par for the course.