Also, few phones produce good raw files which are essential for archiving. I can get better results from 15-year-old raw images shot with an EOS 30D than I get out of my flagship smartphone.
This reminded me of Finnish folk racing Jokamiesluokka[1], where the owner of the car has to entertain offers for the car after a race and must sell the car if there's a willing buyer. This is to keep the cost of cars down.
A budget cap is one solution to keep design regulations to a minimum and ensure that smaller teams can compete. F1 introduced a $145 million budget cap for the 2021 season, going down to $135 million for 2023-25 seasons. Right now the three biggest teams (MB, Ferrari, Red Bull) spend somewhere around half a billion or so per season.
Also, a good driver might not be a good team member which might put them in a disadvantage. Räikkönen was considered one of if not the fastest on the grid during his best years but iirc wasn't very good as a team member in the car's development phase which hampered his and his car's performance