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And why is that? Right, because MBS wanted to do his oil sheikh friends a huge favor and tie F1 to fossil fuels with some "sustainable" greenwashing (which still emits CO2).
Nah, there are always ways around that. For example, to get rid of PU specifics and let the teams choose their own tech path. ("F1 isn't fully electric by regulations, some teams just happen to go down that path.")
Another alternative would be to prescribe a fly wheel (can be a small one), so the propulsion would be a hybrid of electric and kinetic energy store.
My personal pick would be to get rid of most regulations that are not directly tied to safety and let teams figure out what works best for them.
The rights were given to formula E back in 2014, MBS simply extended it in 2025. You could argue the extension was for too long of a period but even with a "fairer" extension it would've still been extended to 2035.
And I'm pretty sure loosening the regs to "allow electric engine" won't work because FIA sets F1 regs and FIA has also given electric rights to Formula E. It's the same governing body so it knows F1 cars can't be electric meaning if FIA did get rid of the PU rules Formula E sues the FIA. In fact if there's even a whiff of F1 going fully electric Formula E will start to complain because that's their only appeal.
Then put in a fly wheel and bam, not fully electric.
Williams tried that. You really want a 340 kmhr car with a flywheel spinning at 2 million xg?