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It's kinda like IRL...before you had Chevy, Toyoda and Honda and then at the end of that generation of cars it was only Honda. With the revamp they had Chevy, Honda and Lotus. Lotus is gone already and the other two are not in a mechanical tug of war to improve the engine but rather a political one to persuade the governing body to tilt the balance of power in their respective directions. If said governing body wants to retain both manufacturers (which of course they do), there's no other option than to make it as equal as possible. Same will happen in F1: as long as honest competition on this front is banned, you can only have more manufacturers if artificial equality is guarded by the governing body.
Therefore instead of spending millions each, the manufacturers might as well spend a few bucks each as the performance will be levelled out anyway.