Motorsports are different than other sports because the drivers' lives are under very real risk. A lot of the regulation is to keep the drivers alive. It comes at the expense of excitement but we would all agree it's necessary.
Motorsports are not unique in this regard. John Delamere pioneered the forward somersault long jump technique [0], which was then banned for fear that athletes might break their necks.
I don’t disagree that the racing itself could be more exciting in that scenario, but without the human element, I just don’t think people would stay interested
