I think the best way to frame it is that the WHCs are for Europeans, by Europeans, always* held in Europe, and timed to coincide with European league schedules, directly competing with North American pro-level playoff scheduling. It's a European tournament, and I'm only a little surprised they keep up the pretense of calling it a world championship. It's a European championship, and it doesn't really have anything to do with North American hockey, whose countries do send teams, but clearly are just going through the motions when they do so... but you know what? That's alright.
It's not best on best, but it's a chance for European audiences to watch some pretty strong high-level hockey, held in Central European Time. We saw in North America how hard it was to follow the Sochi Olympics in real time and hold a normal job. It's no easier the other way around.
This is their chance once a year to see some national teams hockey, and in that mix is sprinkled some of the home-grown stars who so rarely get to play in front of European audiences.
For North Americans, of course, the fact that it is so rarely held here and there is no allowance for NHL participation because of scheduling means that we write it off, and thus do not have strong feelings about our Canadian and American players, NHL playoff prospects, and WHC participation.
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* Since 1920, it's been held in North America four times by my reckoning, once by Canada (2008) and three times by the USA (but not since 1962). See below for a full list.
IIHF WHC Host Countries
1920, Belgium
1924, France
1928, Switzerland
1930, France, Germany & Austria
1931, Poland
1932, United States
1933, Czechoslovakia
1934, Italy
1935, Switzerland
1936, Germany
1937, Great Britain
1938, Czechoslovakia
1939, Switzerland
1947, Czechoslovakia
1948, Switzerland
1949, Sweden
1950, Great Britain
1951, France
1952, Norway
1953, Switzerland
1954, Sweden
1955, West Germany
1956, Italy
1957, Soviet Union
1958, Norway
1959, Czechoslovakia
1960, United States
1961, Switzerland
1962, United States
1963, Sweden
1964, Austria
1965, Finland
1966, Yugoslavia
1967, Austria
1968, France
1969, Sweden
1970, Sweden
1971, Switzerland
1972, Czechoslovakia
1973, Soviet Union
1974, Finland
1975, West Germany
1976, Poland
1977, Austria
1978, Czechoslovakia
1979, Soviet Union
1981, Sweden
1982, Finland
1983, West Germany
1985, Czechoslovakia
1986, Soviet Union
1987, Austria
1989, Sweden
1990, Switzerland
1991, Finland
1992, Czechoslovakia
1993, Germany
1994, Italy
1995, Sweden
1996, Austria
1997, Finland
1998, Switzerland
1999, Norway
2000, Russia
2001, Germany
2002, Sweden
2003, Finland
2004, Czech Republic
2005, Austria
2006, Latvia
2007, Russia
2008, Canada
2009, Switzerland
2010, Germany
2011, Slovakia
2012, Finland and Sweden
2013, Sweden and Finland
2014, Belarus
2015, Czech Republic
2016, Russia
2017, Germany & France