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F1 is supposed to be the unbridled, relatively, pinnacle of motorsport. The FIA keeps changing rules formulas, which means developing drastically different/new equipment much more often, and then continue to micromanage within the larger guidelines. This just serves to make every tenth, hundredth, and thousandth that much more expensive as you have fewer and fewer avenues of improvement at your disposal. The various debacles surrounding the 3.5-litre formula (particularly the collapse of the WSC after the 1992 season) should have spelled out the monetary pitfalls of F1 long ago.
BTW, F1's "extravagance" has flown in the face of the vast majority of the world's population since its inception in 1950, so that complaint hardly holds any more water now than it ever has.
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