There's always two sides to any initiative here.
At the moment tyre choice (doesn't seem to be much between any of the compounds currently?!) and aero setting are the gambles for the racing.
Take those away and you start to create the perfect car option and you know one team is going to totally nail that. ie more Red Bull 2023 domination scenarios.
Likewise if you keep changing up the rules, you don't give any team the opportunity to catchup.
You need the opportunity to make mistakes. Manual gear shifts, no antilock breaking, refueling, tyres that only last 20 laps and dramatically fall off the cliff etc.
These things each gave the opportunity for a mistake, but even then it has to be significant enough for the mistake to be pounced upon, like there are consequences and you're passed, rather than just a slip up blip and back on with it.
To what degree the sport is manufactured for this though is the game. You can't call yourself the pinnacle of motorsport if you're not using antilock breaking etc. That's then fully artificially limiting the technology that is available.
Extrapolate that out though and we're into full self driving and AI capabilities to supplement the driver. That would be the state of where we are at in modern terms, plus extensive use of electric motors and battery tech etc, both of which start to hit at the core of what F1 DNA is etc. The engines are already dramatically quieter now to accommodate the eco aspects, and the cars wider and heavier than ever. Definitely not a quick fix solution and pros and cons to everything.