The 64-year-old retired racing driver thinks the sport has changed a lot since his competitive days, and those of his late father Graham Hill, and while he still enjoys watching the races, he is concerned about the possibility of it losing "authenticity".
He told the Daily Telegraph newspaper: "Listen, it wasn’t all brilliant back then. I used to sit in the grandstands, watch Jackie Stewart go past, and about a minute later someone else would go past. And that would go on for two hours. And it wasn’t televised. But from an aesthetic point of view, it was fabulous.
“Most of all it was authentic. Whatever you said about the drivers back then, maybe they were playboys, maybe they lived a debauched life away from the track, they got in their cars and risked their lives. So there was a degree of respect for that.
"And I think, you know, how do you retain that? F1 needs to be careful not to go too far down the entertainment route.
"It’s crept into the radio communication a little bit. Things are said just for effect, because they know it’s going to be reported. Because it’s part of the show. Authenticity is so important.
“But yes, I would say I enjoy the sport more now than I have for a long time. The last few years have been great. The driving is of an incredible standard. It’s still got a magic to it."
Though F1 is doing well in the US, Damon is concerned about the impact Donald Trump's presidency could have on the sport.
He said: “Remember F1 is not a domestic formula.
"It’s owned by an American company, but it’s not a domestic product. IndyCar is. And at a time when domestic things have a lot of support… you know, Make American Racing Great Again. I can hear it.”