Its run by a committee.
If you limit weight and power you might as well just have every rider on the same bike. At least this way the costs fall as you could invite tenders at the start of each season to provide thirty identical bikes. Allocate them by lottery at the start of each event and have one pit crew employed by the race organiser. Take this to the logical conclusion though and the fairest test of the riders would be a computer game (this is here already BTW, our office junior quit to be a professional gamer, people will pay to watch her do fantasy sword and magic games against other people at the same level or get their own ***** kicked by a champion

).
If the test is supposed to be the whole system, constructor, maintainers, rider, race strategy etc. I'd ditch the whole rule book and simply limit it to a 2 wheeled vehicle that has to fit in a certain sized crate. I'd maybe ban rocket engines and a few other bits on safety grounds but leave the rest to the teams so they really do compete. Lets see a 1500 cc Harley against a fuel cell driven bicycle you can pick up with one finger.
The race committees simply want to keep their positions. Norton comes back with a Rotary, Aprillia can't afford to develop one, Honda want to sell 4 cylinder race rep road bikes: invent some complex formula that bans rotaries, simples

The racing is boring because there is little variation in technology or skill levels, it's advertising not a race.
Andy