The one thing that was really great about F1 in the 70,s was that most of the teams used exactly the same engine. The Cosworth DFV, which iirc cost approx. £25,000 each at the time.
Aerodynamics were pretty crude and electronics only went as far as the igntion and injection systems, so good engineers could build a chassis and set up the suspension well. Then employ a quick driver, and have a chance of doing well.
Top teams would spend 2 or 3 million quid a season. Back of the grid teams got by on 1 million.
Ferrari had their own superb V12 or flat 12 engines, as did Alfa, but they were usually crap at building chassis, so it was all very competitive.
Last year Mercedes spent approx. £1 million per day running their team, and there is no room at all for clever, passionate enthusiastic independents.
A great shame imo.