If I were answering that question (and I agree with @Collywobbles on this), I would list:
1- Notwithstanding all the F1 newsflow about car redesigns and new reg’s to ensure cars stand a better chance of overtaking, in reality (IMHO) not much has changed and we continue, by & large, with Noah’s Ark results, and a dominant team. A cross in that box for me.
2- The cars have got bigger and bigger, driven by the technocrats wanting more speed and aero to go with, such they no longer ‘fit’ on many legacy tracks, with corners having to be adjusted to suit the new ‘lines’ taken, in the process removing jeopardy for the drivers, with the trump card of safety played to this end. On the other side, the various street circuits offer little overtaking opportunity and elevate the level of danger so much that crashes and comings-together are inevitable, with VSCs and full SC’s distorting a race, along with the weird concept of getting ‘cheap/free pitstops’!
Roll DRS in to this, another construct to address aero dominance and effects on following cars, noting how many ‘DRS trains’ form, where is the outright competitiveness?
3- the integrity of F1 - kudos to the FIA for another muck-up of major proportions in trying to levy time penalties on TL offenders! You could see this coming a mile off, when there was no physical barrier to stop the drivers going ‘over the line’. I’m sure the various broadcasters were delighted to announce only preliminary results at the end of their slots – tune in at midnight for the official results!
You can argue the midfield battles between the Mercs, the Alpine of Alonso and the Macs are exciting but compared to other motor racing it’s all now a snore-fest. To cap it all, there’s Sainz complaining of being intimidated, when he was driving a car the size of a Transit van on one of the worst tracks for overtaking in F1 (there’s a long list of these). Pathetic doesn’t come close.
In much fewer words, F1 has now become ‘all about the show, less about the go’, with several prima donna drivers sprinkled in too.