team domination wasn't what has ever made F1 interesting back then or now. back then it was more man vs machine, who will survive. F1 is now very reliable and safe for the most part.
Even in most of the forum users' lifetimes we've had 1988, 1989, 1992, 1993, 1995, 1996, 2001, 2002, 2004, 2011, 2013, 2014, 2015 and 2016 seasons utterly dominated by one car or driver.
Just for the fun of it I've counted the number of constructors winning in the above seasons:
1988: 2 (1 by default)
1989: 4 (1 by default)
1992: 3
1993: 3
1995: 3 (1 by default)
1996: 3 (1 by default)
2001: 3
2002: 3
2004: 3
2009: 4, though in reality it was a Brawn whitewash despite Vettel's relatively close points finish.
2011: 3
2013: 4, though again a whitewash
2014: 2
2015: 2
2016: 2
"By default" means when the leading cars have crashed out or suffered a random problem, rather than winning on pace, such as Senna being punted off at Monza in 1988, or Senna and Prost colliding at Suzuka in 1989, or Schumacher's dodgy steering wheel at Montral in 1995. The other is Panis winning in 1996, as, while he somehow did have outright pace (from memory he was one of handful to make a pass all race, and one of the best passes at that (on Brundle before Anthony Noghes)), he wouldn't have won if Hill and Alesi hadn't retired.
Don't get me wrong, F1 used to be more interesting in the 90s due to weird races like the above and unreliability, but we still had utterly dominant performances back then. You're never going to get that back now due to the plethora of sensors on the cars, and we're stuck with that - we won't be going backwards.