I think the real problem with the AC is that it is a guilded age relic.
Just like the last half of the 19th century, we are going through another 'guilded age', where the top 1% are scarfing up almost all the disposable cash. The to 1%, even among them, has the vast majority of the cash and control.
Now this thing looks like nothing more than potchlock pissing contest between people I think are vastly over rewarded for their 'success' and can afford to blow their money on extremely expensive throw away toys, while everyone else is expected to live under 'austerity'.
The whole thing has a bad smell to it that it didn't have during the 19th and early to mid 20th centuries. The economic disparities were even greater then, but there was a whiff of real opportunity in the air. The technology improvements of the era were improving just about everyones life. Even those at the bottom. Now, the technology improvements serve mainly to disemploy and disempower people who don't have the means to keep up.
The only real opportunity most people have is getting a good degree from a good university. But now that requires a mountain of debt that is so high that it is questionably worth doing. Imagine starting a family with TWO mortgages. One for your house and one for your degree.
Add to this that these races are practially mill pond regattas, where, if I even watch, I root for both boats breaking up and having these 'RB's arguing over whose boat broke up first to determine who 'won' the race.
It seems, more and more, the 'race' is won by the side that has the best lawyers. Some may argue with considerable justice that that was always the case. Maybe so. But such events live and die on image. And 'smell'. Now both are bad.
The very least that can be done to salvge this thing would be to require actual seaworthiness. Why not go back to requiring them to cross an ocean on their own bottom to prove their worthiness to compete?
And why not require the 'owner' to be the skipper. Then at least I can admire his/her capabilities as a seaman/woman and perhaps, for the moment, forget about their ridiculous wealth.
Now, with global mercenary crews and global mercenary designers, such is just rubbed in my face.
May the man with the most money win.