Face it...
sailboat racing is complicated. Many people who sail don't know how to race. Call me stupid but I had no idea how sailboat racing worked (like, how do you start??) for the first 7 years I was sailing. So how are "average" people going to figure it out?
The tactics are hard to figure out although with modern technology it is getting easier to explain on TV if you have a good commentator.
Add the fact that it is, to a large extent, a rich man's sport.
Swimming, running, track, volleyball, football, soccer are immensely easier to figure out compared with sailing. Gymnastics are also easier to figure out - somewhat.

Unless something changes dramatically- like reaching back and forth for maximal speed and maximum pitchpoles- then sailing is never going to be televised like other sports in the olympics. This isn't going to happen and most likely shouldn't.