Good topic.
It's all about the money...and the quality of the event.
You need money to attract the best paddlers in the world and the you need the event to be top quality in terms of conditions and organisation.
For downwind paddling, the event that best fits this bill is The Doctor in Perth. I reckon that would make a good world championship of downwind paddling. Others would argue Molokai, but it is too costly to do and there is usually very little prizemoney.
All IMHO