With each passing year, Codemasters continues to tweak the formula for their yearly F1 game. Here's a few ideas that could feasibly be implemented down the line. Some are more necessary or realistic than others...
Codemasters, in one form or another, has had the license for the official F1 game since 2009, and with only a few exceptions (we're looking at you F1 2014 and F1 2015) there has been a notable improvement in quality each new release. However, some games omit content from previous versions, or have great ideas that could use a little bit of refinement. Realistically these ideas fit into a few main categories: general game improvements, online features, and single player experiences. Some of these are attainable for 2022 and some are definitely more long term, since 2022's entry is more or less likely nearing completion already.
General Improvements & Additions
Livery Editor
This has become a must-have of any racing game in recent years, spurred on by the excellent system implemented in GT Sport since 2017. Licensing problems obviously don't allow for there to be real-world sponsors to pick logos from (unless Codies could include the individual logo files for every current team sponsor, which is about as impossible a task as you could give them), the fake sponsors from the My Team mode would probably suffice as long as players got the array of shapes, patterns, and application options seen in GT Sport or Forza. This would impact single player and online play and add much needed customization options without the use of PC modding.
Classic Tracks
Already a feature of F1 2013, these would be a welcome return to the series as they were a great addition. Maybe the tracks don't have to be quite that classic, but there are already a few options for how this could be implemented. For example, Codemasters already has created the track files for Portimão, but it is not on the schedule for 2022. Why not add it in to the pool, kind of like the Chinese Grand Prix could be played in F1 2021. Some welcome returnees would be:
Portimão (Portuguese GP) - last seen in 2021
Hockenheim (German GP) - last seen in 2019
Istanbul (Turkish GP) - last seen in-game in 2011, actual race 2021
New Delhi (Indian GP) - last seen in 2013
Sepang (Malaysian GP) - last seen in 2017
It would be unreasonable to expect the team to be able to make many more tracks than this, considering they already have to make Miami as well as significantly alter Melbourne and Abu Dhabi. Still, it would add great options into the game for one-off races or in a career setting.
Livery Toggle Switch & Retro Liveries
OK, this is really nitpicky but is probably the most achievable thing on this list. If a team runs a special livery (McLaren Gulf, white Red Bull, etc.) let players simply press a button when selecting the team which cycles through the livery options.
On a grander scale, EA (now the owners of Codematers) could easily exploit livery options as a way to monetize the game, in a similar way to most games' cosmetic skins. Maybe each team has one or two "retro liveries" for their car, and each one costs a certain amount of money, or could be unlocked with achievements. Think of a 90's Williams livery unlockable if you win the WCC with the team in career mode, or available for a small amount of money. Likewise, you could have an Alpine scheme reminiscent of the 2004-2006 Renaults, with the yellow and light blue. The possibilities are endless. Here's a few for each team that are different or iconic:
Mercedes
2020/21 "Black Arrows"
2009 Brawn GP
Red Bull
2021 White Honda special
2005 Original "can" test livery
Ferrari
1964 Ferrari 158 N.A.R.T. - the rest are all red, so take your pick!
McLaren
2021 Gulf
2006-13 Red/Chrome
1997-2004 Black/Silver
1981-1996 Red/White
Alpine
2004-2006 Renault
1994/95 Benetton
AlphaTauri
2006-2016 Toro Rosso navy/red/gold
2017-2019 Toro Rosso blue chrome
Aston Martin
1991 Jordan 191
Williams
1994-1997 Rothmans
1985-1993 Canon
1980/81 Fly Saudi
Alfa Romeo
2012 Sauber
1992 Original Sauber
1977 Alfa Romeo 177
Haas
2016/2018 Original livery
They'd never do the 2019 one
Obviously these "fantasy" liveries would include the modern sponsors, and maybe not every team would buy into the concept, but cosmetics, as has been shown, is the easiest way for video games to make money and for players to stand out.
Online Improvements
Ranked Lobbies
The inclusion of ranked lobbies is a great feature, but far too often the system in F1 2021 breaks the lobby up after one or two races, and there is no way to select which lobby you want to be a part of. Keep the current ranked lobby settings, but with the ability to browse a selection of them rather than leaving it up to random chance where you get placed. If you are worried about a mismatch of skill, then make it so that hosts can set a minimum required rank to enter the lobby.
Reputation System
We aren't talking about leveling up in experience here, but that might be nice to have too. Currently, way way too often you fall victim to people purposely crashing into you during a race, ruining your race and throwing away 20-30 minutes of your life. Ranked mode has a safety rating feature; and this needs to be standard across all modes. Also, players should have the ability to report dirty drivers in a way that it would lower their reputation. Grand Theft Auto V has a feature called "bad sport lobbies" where particular mischievous players end up if others flag them. A similar feature would be a welcome addition to the F1 game.
Single Player Experience
Stockpiling for Regulation Resets
The idea of regulation changes is good and can help to keep things fresh, but too often the reset is not enough and so you have to keep replaying the same season. Likewise, if the cars are maxed out in development, then the player just stockpiles resources and so when the regulation changes hit, you can easily overcome it. There are a few ways to address this:
Limit resource generation once development is maxed out (stop gaining resource points, for example). Players can already "shut down" facilities, and so this would be fairly easy to implement with the current setup.
Expand the number of R&D parts to develop, and therefore it will take longer to max out the cars, and more likely that a reset will come before the cars are maxed out anyways.
Add in a chance of failure when parts are adapted to the new regulations. That way, even if you stop developing your current car early to get a head start there is no guarantee that it will be a success. Currently, every adaptation is guaranteed to work, and so there is no mystery if the car will be good or not. Adding a chance of failure (without the ability to rebuy at a discount) would be more realistic as well. Look at BMW in 2008/2009, when they stopped developing even thought they were leading the championship and the 2009 car was still not very good.
Random R&D Trees
Admittedly, this is not an original idea, but it is an interesting one. What if there were perhaps 3-5 different R&D paths that the game could generate for the player, rather than the standard one as there is now? Perhaps at each regulation reset, there also is some variability in the performance ceiling of the car. For example, maybe one reset would give the player car a performance ceiling that would allow the car to be the best in the field. Other times, maybe the maximum possibly is only the fifth best car.
In real life, we hear teams saying that there are often baked-in advantages for teams who get new regulations correct, or that sometimes they find that a development concept has been maximized and that they've hit their ceiling. Some variation in the extreme limits of the player car would add a shade of realism while also adding an interesting element of jeopardy to the single player experience.