Once the first few laps are out the way, the teams are just waiting to get through to the end. Conserving tyres, checking fuel etc.
I believe the word that you are looking for is 'strategy' - just as much a part of the race as the first and final pushes, and often just as entertaining.
Ypu find strategy more entertaining than full on racing?
Who said "more entertaining"? I said, "often just as entertaining". And don't call me Ypu 
Ok, just as entertaining
seems most odd to me. But each to their own I guess.
I think most motorsport fans would agree that team tactics and strategy - and the subsequent execution/outcome of that strategy - are a fascinating element to any top-shelf racing. Wheel to wheel action is, of course, what sets pulses through the roof, but you can't really have one without the other.
So it's not "just as entertaining" as the racing then? I don't see the strategic elements "setting pulses through the roof" do you?
I take your point though...
...although, I see a good few racers being interviewed on the grid being asked " what's the plan for the race" in so many words. Your not looking to hear answers like "oh I'm just going to wobble round in last place and admire the view" obviously the racer is going to give an odd look to the interviewer and say "I'm going to go as fat as I can and hopefully win the race"
If, then, his team gets on the blower and tells him to slow down, due to tyres or fuel for instance, the that tells me summats wrong. Same way that when the team gets on the blower and says, slow down the gear box is over heating or whatever fault.
If your asking your driver to slow down, for whatever reason, something is wrong. As happened a lot last season.
This season remains to be seen, on that front, but given a rather precessional areas of races so far, I think shorter races would solve a few issues with the F1 format.