ehh well i have seen vids of earlier F1 races and i have to say, it was alot cooler watching the races because stuff was happening. These days all the stuff happens at the first 5 seconds and then thats basically the race. Back then you had fancier crashes, slipstream battles (ie monza 1971), more exciting starts (that one belgium race in the 90's), and men with big huevos!! (think of how dangerous it was to drive the F1 cars in the 50's man!!).
So to fix F1, i think we need to lose every single winglet the cars, bring back the v10's and v12's, take out the extra chicanes, make the engines bigger, replace the grooves with the slicks, and get a track with ginormous eff off straights. And get Honda to get a better car. And get Juan Pablo Montoya back. And have a dedicated F1 track in America that's right by my house too
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Though all of the suggestions may not be the best for you, i invite you to correct me or add sum of your own. Because nobody is perfect!!!