Red Bull has a car that has dominated for the last 4 years. Just like Mercedes had a car that dominated for 7 years. And Red Bull dominating for 4 years before that, and Renault/McLaren before that, and Ferrari before that and Williams before that, and McLaren again before that...
F1 goes through these cycles, at least until the next regulation change which is coming next season. V12, V10, V8, V6 Turbo, Hybrids, teams that once dominated failed to adapt to the new changes whilst others made leaps and bounds. It always happens. Soon we'll have Audi and Ford engines (possibly Porsche though they've since said they won't be joining but time will tell) joining the fray, shaking up the sport once again. F1 isn't a 'season by season' sport, it's an era by era one. For those not at the top, you focus on how your team progresses, the leaps and bounds it makes during that era. If it flops, the next era of regulations offer a period of hope, change and excitement.
But for those who don't follow the sport it's always "who da champyun!" which is fine, if that's what you tune in for, but for long term fans of the sport (I watched F1 before I became a City and football fan...) the Drivers Championship is a focal point, but not the be-all and end-all. So i'm not surprised Max is seemingly virtually guarenteed a 4th world title; the cars are effectively the same as when the 2021 regulations came in (with a few tweaks). It's how F1 goes.