I think anyone's reason for being interested in a form of racing--in my opinion, anyway, as this seems to be how I tend to feel--is mapped by an inverse relationship between technological advancement and passing/racing, plotted on a curve. F1 used to be maxed out on the tech side, so it was still interesting for me to watch even if nobody ever changed positions. I like watching fast cars--sue me. On the other end of the spectrum, we have something like karting or Spec Miata racing, which is basically all racecraft and action but next to no interesting technology. IndyCar is some weird redheaded love child of these two things with multiple personality disorder (if you know me, you'll realise this is a good thing). NASCAR is like IndyCar's inbred cousin, once removed, twice shy (if you know me, you'll realise this is a bad thing).
F1's curve is gradually moving down, but as there's no tangible improvement to the racing with the reduction in 'cool' tech, the curve is shrinking rather than being traversed. That's the problem here.
That's at least one version of my opinion. I'll make the graph if you want. 
