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Just buying someone else's car, putting [...] an engine in it doesn't make it "your car". IMO, that's the cheap and easy, minimal effort way out.
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And yet, that very approach gave us some of the best racing in the 20th century in late 90s CART. And I highly doubt that it was a minimum effort project for the engine manufacturers involved.
In a way, I would actually prefer OEMs being limited to supplying engines rather than designing their own cars as it would guarantee a good supply with competitive engines for privateers and prevent independent constructors who do a good job from being steamrolled by mega-$$$ manufacturer efforts.