I was envisioning something more like an alternative version of the sport that turns into its own thing for amateurs, rather than as a direct replacement for the top professional tiers.
Formula 1 exists, sure, but so does all sorts of other kinds of motorsport, with all sorts of different kinds of vehicles and budgets. Rather than migrate Formula 1 over to electric vehicles, for example, the FIA just created a separate Formula E series that doesn’t replace F1. Similarly, there are lots of non-FIA racing sports that have much, much smaller budgets, to make the sport more accessible to people, from go-karts to street legal cars to motorcycles to all sorts of other vehicles.
After all, a lot of us like to play sports recreationally with modified rules than what the very, very top tier professionals play. A 3-on-3 half court basketball game is still basketball, and basketball courts can be built that accommodate that without necessarily accommodating the full court necessary for the official professional rules.