I'd be the first to be moaning at a potentially dull 2024 season if Red Bull looked dominant, but you just have to wait imo.
When it happens more or less every regulation change one has to look at the sport as a whole. It's not like it's a one-off thing, it's become a hallmark of modern F1. The only people who can change this trend are the people in charge, teams are already trying their absolute best to not be dominated by one team.
Do we just sit here for the rest of our lives saying 'well the others have to raise their level' when it's clear that it's not actually possible for other teams to raise their level sufficiently once one team has a head start in a new era of regulations... or if they do it's in the final season of the regs before it goes back to one team domination the following season.
Id be willing to admit there is no solution with F1 existing and operating as it currently does.
It's such a balancing act to provide a competitive sport, that is also an entertainment product, whilst being based around technological design and development. Throw in to the mix being more "green" and to cost less year on year, whilst making more money year on year, across the globe with so many races and it's even more complex.
I think the reg changes are both good and bad for so many reasons.
But you are right in my opinion. All of this needs to be thrown aside and to focus in on one thing. Racing.
There is so much noise in F1 but ultimately we all want to watch the worlds fastest cars go fast and go wheel to wheel literally in racing battles.
They therefore have a duty above all else to provide this as best they can. I do think the reg changes need looking at.
That being said it's difficult.
If they make the reg change periods much more frequent, then instead of possible 6 year domination from the team that "gets it right" with their car, it will just shift to 2 or 3 years and possibly be even less likely to change, because teams will have less time to catch up during that reg period through development.
If they make the reg changes much longer, say every 9 years, that locks cars into a set set of regs which will hamper development and progress. Things could stagnate.
Perhaps the real "fix" as such, would be to try to open up the rules a bit more. Make things more open with design, so teams have the flex to be able to fix things in more ways to gain performance. Allow different design approaches. Stop instantly deciding new good designs are against regs just because they are different and only one team did it. etc.
A lot will come down to managing prize money and funding. If they bring the teams budgets closer together this will surely help with a tighter pack.
I think in conclusion it is very hard to please everyone.