I agree. But, a common ECU would keep them from adding traction control and allow the rev limit to be a sensible one, as opposed to chasing stratospheric revs that turn the engines into hand grenades. Mandating wing designs would get rid of the obnoxious, fragile front wings that now ruin the appearance of the cars.
I think you could allow a number of freedoms but keep them from looking like origami art on crack. I'd watch this all day long:
As opposed to this abortion: