Changes to the regulations hope to add more speed to the cars in a bid to liven up the sport after Hamilton romped to the title in the dominant Mercedes for the past two years.
However, he claimed the change to heavier hybrid cars in recent years is the real problem with the sport rather than the lack of competition.
"I don't think the regulations are fine, even if there were five teams battling at the front of the grid, but I like a different kind of car," said the Englishman.
However, a new knockout format for qualifying will be introduced ahead of the start of this season on March 20 to try and mix up the grid to provide for more exciting races.
"I just realised that when I got to Formula One I think the car was 600 kilos and now it's 100 kilos heavier, that is the big difference," added Hamilton.
"We don't actually have to change the regulations much to go three seconds faster, just make the cars lighter. They are just super heavy. It is ridiculous if they are going to be even heavier. They were great at 600 kilos, nice and nimble, easier for the tyres too as there were fewer tyre blowouts.
And Hamilton believes more consultation, especially with experienced drivers who have had to deal with the shifting sands of F1's technical regulations over the past decade, would produce better solutions than those being offered at present.
"I think the drivers should be consulted. We have feelings about the car, we know what would be better and what is not good for the car, especially the drivers who have been driving for 10-15 years through all the changes and know which ones work and don't work.
"I don't know what the answer is, but whatever decisions they've been making have not been right.