I went with the "ok" answer. My thoughts on this topic have evolved a lot. I watch every race, keep up on off season news to a degree, and also watch a fair number of retro races. I would describe myself a reasonably committed fan who has an appreciation for the history of F1 as well as a relatively nuanced understanding of what makes F1 very unique within the context of the wider motorsport world.
F1 as it stands today is still capable of delivering top notch entertainment at times. In the big picture, I think there are some very serious issues that are causing the championship to become increasingly predictable. I did an analysis a while back that broke down, by decade, how many times the WDC was a different driver than the previous year. The numbers were striking, it's a pattern for sure and, I believe, at the heart of a lot of the angst you see swirling around the sport in recent years. "Boat race" championships with one team and/or driver(s) running away with the championship have always been part of F1, but the data shows that the extent to which those "boat races" have increasingly managed to extend across multiple seasons is something new over the last 20 years.
I am in support of fixing the aero situation (bring back ground effects, thus lessening the dependence on the turbulence-producing "top side" aero bits), but I really don't think the in-race action is the primary problem facing the sport. The primary problem is the extent to which teams are no longer able to close gaps from year to year and bring the championship back into contention. I'm not smart enough to make prescriptions for how to fix that, but I have no doubt something has to be done.
It will be tricky, but I am confident actions can be taken to bring competitiveness back. My sincere hope is that the powers that be take care to listen to the core F1 fanbase and not be tempted to listen to complaints/suggestions from people who, frankly, really need to find a different series to follow. For example, if you don't like off-track politics...I 100% respect your right to hold that opinion, but you also need to acknowledge the fact that F1 has lived off of a steady diet of "off-track politics" since 1950. I would also throw "not enough passing" in that same category. If you want to see a bunch of passes, there are a lot of series that provide that. If you want to see it in F1, your best bet is a YouTube compilation because, as a general rule, F1 has never been a type of motorsport that has produced lots of passing.
Just my 2 cents. I'll keep watching in the meantime.