Maybe is should be. F1 should not be run for the benefit of a small number of individuals or a management company.
As I said on another thread, I fundamentally disagree that the competitors cannot run their own series. While it may not be the way top level motorsport is run, there is precedent in other sports.
What is the best run sports organisation in the world? Answer: the NFL.
The NFL is run by the competitors. Each team has one representative on the Board. This Board appoints a Commissioner to run the sport on their behalf. All income, minus the sports running costs, is passed onto the competitors in an equal and transparent way. All competitors have an equal say i.e. 1 vote each.
On reason why this model is very successful is that in order for the sport to thrive, it has to be competitive and appeal to the fans. Otherwise, there is no income and everyone goes bust. Utlimately all income is generated by the number of fans who follow the sport - think about it. If the sport is run well, you get more fans = more income. Therefore the competitors have a strong vested interest to make the sport a success and appealing to the fans. One vote per team means that small teams have just as much power as larger rich teams (it started out this way in the NFL, but all the small teams quickly became large rich teams due to the success of the league).
I dont see why F1 cannot be run the same way. Have each of the 13 teams appoint someone to the Board of F1 who in turn hire someone to administer the sport on their behalf. Let all the income trickle down into the teams in an equal and transparent way. I guarantee you that if F1 did this, we would have more strong teams = better racing.