I dunno, I've been reading up about 2021 and I'm still processing. Overall, I'm feeling pretty pessimistic about the future of motorsport (or, at least, motorsport as we have known it) in general. A big part of me thinks the realistic goal for F1 is survival. Return to glory seems to be a major stretch at this point in time.
I watch every F1 race, I watch every IndyCar race, and I'm also rewatching the replay of the '07 F1 season.
F1 is pretty stale. The cars are way, way too big and just not as visually exciting as they used to be. The racing itself is pretty awful, if I'm honest. A big part of it I think is cost cutting - which I think is probably a necessary evil in today's climate (see my earlier comment about survival), but I think the net effect is that the machinery is just not being pushed to the extremes like they used to. This means a well funded, well run team like Mercedes is not only quick, but can realistically achieve 100% reliability. I think the cars are also way, way too easy to drive.
As far as IndyCar goes, the action is incredible and, at least on the surface, easily on par with the kind of topsy turvy on track action you see in a race from a great F1 season (such as 2007). Perhaps even better in some regards because you don't even have the "rolling chicane" entries in IndyCar like you do during what's considered a highly competitive F1 season. The field is very tight from beginning to end and you're never quite sure what you'll see right up until the closing phases of the race (on ovals, which is obviously a different ballgame, it's often coming down to the final couple laps). But it's definitely not the same as a good F1 season, because it's spec and you can't but help feeling it's all contrived. It's still a lot of fun to watch and I'll be attending Laguna Seca in person this year, so I'm not "hating"...just being honest and saying it's missing some of the magic.
F1 is fighting a losing battle - people are losing interest in cars in general car and companies are all about EVs (and Formula E has that covered). If I were F1, I would be severely tempted to become the NASCAR of the open wheel world - drop the pretense of of being the pinnacle of automotive engineering (which F1 already is not, because of EVs) and just play up the visceral experience. Tightly spec'd, unhinged little cars with screaming V8s (or V10s, my personal favorite) carving up the track wheel to wheel.