Innovation

I think racing should promote improved technology- in performance, efficiency, and safety.
The rules should be written in such a way as to not stifle, but encourage change for the better.
When race teams try something innovative and it works, it'll soon be adopted by other teams; but only after those that first took the risk have been rewarded for their forward-thinking.
Technology that is too complicated, unreliable, or counterproductive, like the Tyrell Six-Wheeler shown above, will be pretty quickly abandoned.

Rules in racing today are being written to achieve parity in racing-
To equalize the teams for closer finishes, I suppose. And the sanctioning bodies have achieved that goal. In some races today, the winner can only be decided by looking at a photograph.
Some can only be decided by looking at electronic data.
I suppose there is SOME excitement in that. But I think I prefer watching a race where something new has been tried; for instance when there's a new performance-enhancing gadget on the track and there's a question as to whether it'll last long enough to cross the finish line first at the end of the race.

Rules today stifle that kind of risk taking.
And racing has become boring.