The elephant in the room no one is talking about is that the principle difference between Bahrain and many other wealthy Arab countries is the Bahrainis have been less successful suppressing their dissidents. Most if not all oil-rich Arab countries have an underclass comprised primarily of immigrant manual labourers that is systemically repressed and abused. The abuse isn't universal but it is widespread and government condoned. It occurs because G-d wills it: Insha'Allah. The reason you aren't hearing similar stories from Kuwait and the UAE and others is those countries have been more effective at controlling public displays of dissent (i.e., their repression is better).
That list of nations certainly includes the UAE, which includes Abu Dhabi, home to Yas Marina and Ferrari World. Is the objective in banning Bahrain to reward the protesters or to punish a government's human rights abuses? If it is the latter, is it hypocritical to ban Bahrain and still race Abu Dhabi? And what are we to make of the luxury car manufacturers -- several of whom sponsor F1 teams -- who so prominently market in those same countries?
It might give you a warm fuzzy to feel F1 have punished some bad people but, truth be told, banning Bahrain accomplishes very little if anything. The most likely outcome is the government will be driven to devise more effective means of muzzling the dissenters, not to address their grievances.