It's art. Art is subjective.
Back to F1, from what I can understand the reason why the 24-year-old logo was redesigned was because the old design was more complicated for modern digital platforms and merchandise.
https://www.motorsport.com/f1/news/new-formula-1-logo-revealed-983091/
Nice, thanks. 23 years is a long time for a logo, so I guess it's paid for itself.
To pick some of that article apart, they talk about how the negative space isn't working out for the digital era.
...it is the negative space in the '1' doesn't come through candidly in digital.
If I were to have a poll of the number of people I've met and discussed the mark since I have gotten here, many of them have gone years and years without understanding the invisible space between the left and the right is actually a '1'.
But earlier, they compare to Starbucks and Coke logos
Look at Starbucks, or Coca Cola which has taken the condensation off their logo to enter digital. We felt we had to go a little bit further and really retool to position us on a going forward basis.
Which both use negative space in their logos:
They say the new F1 logo is
...incredibly bold and simple
I would rephrase it to, bold and incredibly simple. But, ahwell.
Here's another logo I can think of that uses negative space:
Also bold and simple, but pretty brilliant when you look at it.