You can't expect something to happen overnight with F1. The new owners came onboard after the rules changes that have taken effect this season were approved. Give them a chance. They have made some encouraging moves with their new personnel (i.e. Ross Brawn).
The main issue I think is that the sport is not being run for its customer (the fan either attending or watching on TV). It isn't listening to them. Fans want the loud engines back. Nobody is listening. Fans want racing. Nobody is listening. They are paying lip service. The engine suppliers have become over dominant and now effectively own four teams and 8 cars on the grid (McLaren is heavily reliant on the $100m a year Honda is paying them). They also supply these very expensive engines to all of the other teams. So they have one aim in mind and that is a tech fest to showcase their product with the aim of selling more road cars. That is totally at odds with what the fan wants. Half of these manufacturers are signed up in some way to Formula E too. As soon as it suits them these major road car manufacturers will drop F1 and jump ship. Remember a few years back when F1 engines were made by Lola, Dallara, Ilmor, Cosworth etc. None of them had any real interest in road cars. They built race cars and engines. Another example is aero - it's gone too far because it is preventing racing. What's the point of having a 200mph procession when you could have a 180mph race? That seems lost on F1.
I think F1 needs to take the medicine now for the longer term good of the sport. If Mercedes take their ball home so be it. Cheerio. Close the door on your way out.