The main issue with F1's current regulations are positive feedback loops, which make the winners keep winning and the losers keep losing. If a team wins they will be able to get the best drivers and the best staff, sponsors & suppliers will want to work with them and additionally they will have the largest amount of money (prize & sponsors) to use.
Negative feedback loops like reverse grids or success ballast would in theory balance the playing field, but in reality they would be too drastic of a change, impractical and take away a lot from the essence of the sport.
Potential solutions could be to balance prize money and give teams which finished low in the championship more on-track testing, CFD and wind-tunnel time. This means that they still have to climb back up by innovating and designing a great car, but they have more avenues to do so. The best driver & car combo will win, but every team has at least a chance of having that in a reasonable amount of years.
.
