I only started to follow F1 when Jacques Villeneuve joined Williams, so I don't know the full history of the sport, but I can think of some good times.
The action now is different than in the past.
In the 90s there was the question of quality. Even the champion might suffer breakdowns in 5+ races.
the 90s also featured unlimited testing and development. Some teams would bring almost completely new cars to each weekend... a trick could only work once before the opposition copied, tested and bested it.
Qualification was an hour long, 12 lap affair, the top drivers putting out fragile low slung cars built for one lap only, and trying to put in the very last lap, with the most rubber, and no chance for your opponent to respond.
Teams carried spare cars, and almost every race started with a crash that separated the men from the boys.
All of that is now gone. It's unusual for any car to break down, much less half the field. Cars evolve slowly over the season, if they change at all. Copying another team could take months. Qualification is a joke at best.... drivers put in minimum effort to save their tires. Starts are almost anticlimactic.
HOWEVER, the on track passing is something else, isn't it? Without refueling, you know that someone ahead of you can respond to your tire strategy, and so you've got to do your passing on track.
So... it's been a very exciting season, but the past has had plenty of excitement that has been drained.
I'll even agree that this is one of the most exciting seasons that I've seen!