Have it both ways, like motorsport. There are championships like Formula 1, where the 'equipment' is a huge factor, and the teams are competing on their tech. This has lead to many breakthroughs in car safety that have become standard in consumer vehicles.

On the other hand, there are many championships where all drivers must drive the exact same car, or the cars are heavily regulated in terms of power output. Here it's all about the raw skill of the driver.

There is room for both of these in running.