As for it being the pinnacle of technology, that may be the line they spout but ultimately the cars don't perform as well as they did ten years ago.
The cars of ten years ago were faster but the cars of today are far more advanced. If you introduced today's regulations ten years ago, there's no way that the cars would be as fast. The technology simply didn't exist.
I think the falling viewing figures are as a result of a number of factors. Part of it might be the drop in noise levels but there's also Mercedes dominance, Bernie's refusal to embrace social media and online streaming, ridiculous gimmicky rules like double points in the last race, the move towards paid TV subscriptions, extortionate ticket prices at races, Pirelli control tyres, DRS. I don't think you can attribute it to just one thing.
WEC has fully embraced hybrid propulsion and the series is going from strength to strength. This year, the series will have four factory manufacturers in LMP1, it's connecting with the fans and it continues to gain popularity. It's an out and out technological showcase and for the most part, the fans are loving it. I think that F1 could learn a lot from WEC.
Whilst a lot of people would like F1 to exist in a state of suspended animation, the fact is that it can't. High capacity naturally aspirated engines are being killed off throughout the automotive industry and being replaced with smaller displacement turbos. Engine manufacturers won't be interested in F1 unless they can produce something that's relevant to their road car engines.
The fact is that the era of the 20th century car is over. It was good while it lasted but we need to move on because performance cars as we know them are becoming unfeasible in the modern world. From what I've seen of propulsion technologies over the last few years, the future of cars could be a whole lot more exciting. It's not like old cars won't still be there to be enjoyed and appreciated. I feel that a lot of car fans are being the equivalent of the horse owner shaking their fist at the new-fangled horseless carriage that just spluttered its way past.