Rick... Not here to bash the wave. but I will give you the argument back.

You are making the slowness of the boat a feature, since the racing that follows is physically in close proximity.
Personally, I don't see this as a plus but a result of the boat being slow.

You are talking about 8 regattas a year in the USA. Again, that would not be a selling point to me. Regional championships without a regional schedule to race is not a plus for me.

Finally,
You are setting up the competitiveness of the fleet as a selling point and argue that most fleets can't do better.

In the USA, The 16, 17, 18, A Class, F18 and Nacra 20's all have far more racing across the country. I don't think they would agree that the wave class is remotely their equal with respect to competition. The Hobie 20, Isotope and Shark Class are more regional classes with about the same number of events.
At any rate,your argument is just an assertion and doesn't persuade me.

People race boats because they like to sail the particular boat and racing is another way to enjoy the boat and join people who share that same experience ... thus forming the class.

What is it about a WAVE relative to a laser or sunfish or pico that makes you want to sail and race it.

What is it about a WAVE that makes you want to sail it over a Hobie 14, Hobie 17, Isotope or A class.... leaving out the spin single handers.