The MotoGP circus has become Big Entertainment with obligatory Big Marketing. As with any entertainment, the success of the whole thing depends on the quality of the show. Outright speed is cool and all, but it's rather one-dimensional and I don't think it's really necessary for a good show. I routinely find Moto3 and Moto2 races more entertaining than MotoGP. They invented drag racing for folks that care about nothing but speed.
With that said, some of the coolest races I have ever been to were the Formula USA events organized by Doug Gonda back in the '90's. They (at least at the beginning) were true "run whatcha brung" races. Kenny Roberts would show up with a couple of YZR500s, methanol burning GSXRs, turbocharged stuff, you name it. You couldn't wait to see what was going to happen! The lawyers probably killed that off.
Anyway, even though the manufacturers are big stakeholders in GP racing, I think it's time for their influence on rules making to be greatly reduced. Their motivations are to use racing as a development lab and to be completely dominant. That second part runs counter to the greater necessity of putting on a good show.
The coming of the spec ECU in MotoGP is probably a step in the right direction. In a perfect world, that ECU would not be capable of traction control, wheelie control, gps-based mapping, etc. The next step might be adoption of a spec engine as in Moto2. Keep the power in proportion to tire and brake technology and the safety issues are managed. If the OEMs take their toys and go home I think DORNA has the resources to commission a respectable MotoGP engine from the industry outside of the usual suspects (the KR/Proton effort was pretty impressive).
As in the smaller classes, what will make MotoGP racing consistently great is large grids on relatively equal machinery where there's 15 guys that could win on any day. Tire-smoking slides giant power wheelies will be icing on the cake.
Cheers!