Note sure of you noticed but they had some sort of an "official" GWA (Global Wingsports Association) Wing competition couple weeks ago in Brazil (Super Foil Brazil 2020) where they pretty much mixed everything up, wave riding, free style and race:
In the next few years, organizers will mostlikely test different formats but only the most attractive to the viewers will remain. Take snowboards in the Olympic Games for example, it started with slalom, and, although this format still exists, it is freestyle, half-pipe and border-cross that now still the show (and viewership).
Wingfoiling being such a big hit for all the kite/SUP brands these days, my guess is that sponsors will support mostly "fun-to-watch" competitions, like waves and free-style.
Even in kiting, where each brand has usually one racing-ish line (e.g. Daytona foil and Capa kite for Duotone), most of the marketing is on what regular people do: cruising, free ride waves and free style for the best of us.
Bottom line, I would not bet on racing being the future of Wing competitions.