The hybrid versions do not outpeform what a petrol version could be, if it wasn't strictly restricted to a specified maximum engine volume and pressure.

Once upon a time, F1 used to be a "anything goes" series where the best in the world competed to build the fastest racing cars in the world. This stopped when it became easily possible to build a car that was simply too fast for a human to drive.

Since then, the racing series has piled on rules and restrictions meant to limit what the cars can do. Since the gasoline engine is hard capped, and they allowed adding an electric engine on top of that, you now need to use one to compete.