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If I were F1 dictator:

Reduce pit stops, which really don't improve the racing or the show. Do this by making pit stops very expensive, by simply reducing the number of people allowed to touch the car during a stop to, say, three (not including the driver). Tire changes could be made for safety reasons (puncture), but would be slow, so no one would make them unless they had to. Fewer crewmen to get hit during stops, and fewer to transport to each race. No one complained about the racing or the show in the 1960s, and no one made stops.

Go back to qualifying the way it used to be: one hour on Friday, another hour on Saturday, everyone out at once. Best single time counts. This reduces the chances of weather upsetting things, and provides more to see. Encourage everyone to use all of both hours by giving one point to the car that's turned the best lap time in each 30 min section. So, four points available during qualifying. No restrictions on tires, but the same engine and chassis used during qualifying has to be used during the race (no qually specials that only last for two laps). Blow up the engine or crash, and you start at the back. Increase the points to 15 for a win, 10 for second, 5 for third, then 4, 3, 2, 1. A team acing qualifying but not finishing the race still gets 4th place points. Acing qualifying and winning still isn't 2x second place.

Drop the requirement that a team make their own chassis. Privateers can be very healthy for the sport and the size of the grid, but the current system requires way too much infrastructure to have a team. Good privateers can still win.

Completely remove all current technical regulations and replace them with a set of crash protection regulations (driver cell must experience less than Xg for Nseconds in an impact of a given force, with a set of impacts defined from above, to the sides, front, and rear). No other regulations. Let physics determine the best power to weight v tire life v fuel use v aerodynamics. If the engines make 2000hp and still last the whole qualifying and race, and don't destroy their tires, and the drivers can keep them on the track, what's the problem? Racing at this level should be expensive. If it's too expensive, the problem will solve itself, as teams will simply expire from lack of money. One team dominating from spending more than anyone else won't last forever, and putting in a zillion rules won't stop it (viz. Ferrari over the past 6 seasons), so don't even bother trying. This also ties in well with the previous rule, since a few manufacturers could be more cars, and thus afford to pass even tougher crash requirements.