^Turbo engines are fine. It's all the pointless electrical shit around it that is a net drain.
The money, weight and development time that gets spent on that could be spent on strengthening the engine for higher revs and boost to get the same or more power for a fraction of the cost.
Efficiency my arse.
"Yeah we're going to build the new FOM headquarters out of solid diamond. Sure it costs billions more than making it from a sensible material, but it's... y'know... more rigid and temperature resistant than making it from something sensible! Fuck yeah, the future! Wait, what do you mean we now have to pay the bill?"
?20 million a season for engines? That's the budget of an entire top-flight IndyCar team running turbo V6s with almost the same power, just no electrical accessories.