I think you're right, but I do wish the formula was more open ended. The super strict regs were supposed to prevent runaway costs, but now we have the cost cap. So like, why not institute a cost cap for the pu manufacturers and let them go nuts.
Then I don't really understand the argument around restricting everything to a very specific PU formula. Like they dropped the MGU-H to make the unit as a whole cheaper "so that new manufacturers could be drawn in", but then, if there's a cost cap anyway, then what does it matter?