How I think the rules should work to promote economy, innovation and safety:

Your vehicle must fit within a 12 foot by 6 foot box
No fuelling allowed during races
At the end of the season your race director will be crashed into a solid wall at the MIRA test track in your car, at half the Vmax you achieved during the season, if he dies then you lose all your points for the year


That would get the sport back to being interesting, and would also benefit mankind a lot more as a whole as it would enourage massive leaps in technology.