Now, he has told Salzburger Nachrichten newspaper: "We have a plethora of regulations, restrictions, rules, penalties.
"It used to be about 'who is fastest wins'. To say that I am sympathetic to the displeasure of the fans is an understatement.
"As it is now, the driver can no longer go to the limit," said Mateschitz, who turns 70 next week.
However, despite making a rare visit to a grand prix paddock on Sunday, where FIA president Jean Todt was also spotted, Mateschitz said he will not be pushing for rule changes, "As that would be useless".
He also played down suggestions Red Bull could be moving to buy shares in the sport in order to exert its influence as an owner.
"No. I believe our expertise lies elsewhere," Mateschitz is quoted by Speed Week.
Meanwhile, Mateschitz praised the comeback of world champion Sebastian Vettel on Sunday, who many had written off as only a great driver when at the wheel of the best car.
"He drove like a world champion," the energy drink mogul said on Sunday, "but for me this is no surprise.
"His driving had never gone down, he was just having bad luck. Those people who put him in a crisis should not always be believed," Mateschitz is quoted by Sport Bild.