The changes aren't the problem. It's the lack of testing and restriction that kills competitiveness.
If you're going do a major overhaul, then the following season should allow for open testing for everyone to make their cars reliable and competitive.
Then you can go back to adding the caps to control budgets and such.
Your "they will catch up in 1.5 years!" can easily be shortened if the teams were allowed more freedom in development and testing through the course of this season.
You are absolutely right. But the small, cash strapped teams would never agree to this, as the testing restriction is their biggest money saver. Every big rule change gives them a ticket in the close-the-gap-on-the-cheap lottery.
Just wish it didn't result in such overly complex-looking cars. Even if there was a way they could borrow something from the Formula E aesthetic:
I wonder how many people are going to watch this series, taking the bitching and whining about the lower noise of the F1 cars into account.