I've watched F1 and other forms of motor racing since the 60's, parents didn't have a TV or a car until I left home, started at Brands Hatch when I had my own car to take me. Racing is racing, whether F1 or any other form of on track racing, yes you get wheel to wheel tussles but they are rare at the front, breakdowns weren't. the cars to day are ( or were, until this year) reliable, so what do you want to see, the most reliable with deep pockets disappear into the distance, the cleverest with deep pockets disappear into the distance. There has always been wheel to wheel down the grid, as has been the front runner at the back for various reasons fighting through, the safety car can make the most boring race entertaining ( depends if your favoured driver/team wins or loses from it). What is and was boring ( thankfully no longer the case) is viewing a leader all on his own circulating the track, I watch F1 for the racing as a whole not just the favoured few with the deep pockets. My real worry about F1 is the driver standard, there's nothing worse than a slow car driven by a slower driver with his country's oil company paying for his weekend away, that doesn't help talent.
Drivers from lower formulae do not make the best F1 drivers always, history is littered with them, Tiff Needell, Johnathon Palmer, Bruno Senna and Nelson Piquet jnr to name a few, yet others from way down the ranks have been extremely quick. F1 evolves and has periods in the doldrums, it does pick itself up, the 1500cc formula of the 60's wasn't the fastest, highly unreliable,but great racing, then the doldrum of the early 3litre formula until the |Cosworth V8 appeared.
Yes I will watch it, there is some great racing all the time but not always at the front, you're supposed to be a racing fan, then an F1 fan, not a racing "A" lister fan, if that's your forte you're in the wrong sport, try Strictly