I'm relatively new to the sport, so I can't comment on the historical perspective, but I did want to point out that a lot of other sports are this way as well. The same teams tend to be "good" season over season--specifically thinking of college & professional American football here. The same teams usually make the playoffs, attract the talent, and end up as the preseason favorites. Lots of leagues have a salary/ spending cap to keep the rich teams from completely outspending the poorer teams, but, as it's been pointed out, that doesn't work well over the long term.
One thing that is different is that the rules surrounding F1 (and the technologies of the engines themselves) seem to change every few years, whereas other sports tend to stay more static in their rules. Nothing really to add, but just thinking of how different sports would be turned upside down if they underwent fundamental rule changes.
Indeed, and F1 has always been like this. Sometimes a lot worse. We're in the Mercedes years, but those are no worse than the Red Bull years, the Ferrari years. Even in the early 90s when it was a bit more of a mix up, races were often won by minutes, not seconds. 6-8 finishers was normal. The field quality is higher than it ever has been, especially at the back. No more Forti