It's not like the inaugural soccer world cup had the prestige it does now. Things take time.
The Olympics didn't have the prestige until 1998 and 2002. Does anyone really remember or care about the previous Games ice hockey?
Once Olympic participation is a thing of the past, the World Cup will be as prestigious as any previous tournament, just like the Canada Cup. The bonus is that it's not held during the NHL season or NHL playoffs.
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