I don't hanker after the past, I look to the future, but it all looks grim.
It looks grim b/c the racing industry is progressing through the stages of grief at a snail's pace. They are prolonging the inevitable acceptance of their own incompetence, and they are angrily bargaining to avoid succumbing to the NASCAR entertainment model and BoP/spec sanctioning. Unfortunately, they are not completely through the denial phase either so new ideas are often killed with more furor than the reality-TV model.
At least a half-dozen different sanctioning ideas have come to light in the last decade, from budget caps (Mosley) to open-sourcing (Bowlby), and some of us have our own sanctioning models as well. Death, decay, and stagnation all breed opportunity. Mosley's budget caps and Bowlby's open-sourcing almost became a reality in F1 and IndyCar respectively.
Sanctioning is governance. If the racing industry wants sanctioning to work, they need to hire lawyers, economists, and media/advertising. Right now, racing is so restricted that you can't even fight your way in with an army, but when racing looks outside for talent, improvement will happen. NASCAR sold itself to media/advertising, the results have been predictable. With a bit of luck, the reality-TV model will lose some of its luster, and sanctioning bodies will look to other fields for talent. Not that there is anything wrong with engineers, mind you, but in the words of Mosley (a lawyer/barrister) "the inmates can't run the asylum". He would know b/c lawyers can't regulate their own industry, either