Too much weight? You have to carry around 2 power sources and 2 motors.
I'm willing to bet if they had to make the old V8s last for 5 races you'd end up with a pretty heavy beast as well. Certainly more than they did weigh. Also remember those batteries aren't ballast... They produce power.
So the old engines had a minimum weight of, 95 kg and produced around 750 HP. The current engines weigh about 160 kg including battery and produce around 1000 HP. Total car weight is a better comparison though we are talking 642 kg (2013) vs 702 kg (2016 this years cars are significantly different). So that's a 60 kg increase (old cars still had batteries), or about 10% more weight. The cars however now have approximately 33% more power. So in terms of power:weight the new units win.
Then on top of that we have thermal efficiency. So for the new power units that is around 47% the V8/10s were 29%.
No matter how you spin it the hybrid is just better. I know ever seen people on this forum use base engine weight comparisons to say they are less efficient, that is however not correct because we put them in cars...
Even if we go back to the 2008 weight of 605 kg, it is still only a 16% increase in weight vs 2016. For 33% more power and a 62% increase in thermal efficiency. Ohh and even this years cars at 728 kg? 20%, that's right the hybrids produce more bhp/tonne in today's cars than the V8s in 2008 in those lighter cars. Ohh and they only lasted 2 races, they'd probably weigh 10% more to last 5, so the hybrids win by even more.
Ok they don't sound exciting but I'd hate to break it to anyone, if you asked an engineer to design you an engine tomorrow they'd make it hybrid.
They would not make you a N/A non-hybrid engine unless you gave them a good reason.
That's why car companies are moving towards them, yes they get to market the greenness but you know what? Weight for weight they are better, for the same power you can have less weight and more fuel efficiency or for the same weight you can have better fuel efficiency and more power.
The move backward is because they took too big a step in one go and people didn't follow, they also did a very bad job of explaining just how amazing these things are. We should have done V8 KERS to V6 turbo KERS to V6 full hybrid over a 5 year period. Adding various components as we went.