It's never been a "free-for-all."
Compared to what? Sure there were rules but nothing like today. There was a time when teams were allowed to use different engine designs/sizes, had the option of using turbos/superchargers or not, mid/rear/front engines, different fuels, no restrictions on weight or aerodynamics aids- the list goes on and on. Yes, it was a lot more dangerous. And a lot more interesting. I don't believe those two properties need be mutually inclusive. IMO.