The reward for being F1 World Champion is... being F1 World Champion. Same as the reward for winning a gold medal at the Olympics is... a gold medal.
Never saw the point of knighting them as well. Just shows how nonsensical the whole thing is.
Traditionally sportsmen and women were knighted for services to their sport (Jackie Stewart for his F1 safer campaign) or for achievements in their retired career that levered off the success (Ian Botham for his charity walks).
I think the populist rot set in with Steve Redgrave who was knighted for sporting achievement as he retired. It then extended in to rewarding active sportsmen like Murray and Farah.
When I look at racing drivers, IMHO Damon Hill is the nearest to meeting the services to his sport criteria; during his time as Chairman of the BRDC he basically saved the British Grand Prix. An event that is central to a very successful British industry and sport.
But if you knight the 66th= greatest tennis player for winning Wombledon, you can’t ignore Lewis Hamilton.