This quote from PokerStars a couple of years ago highlighted what I thought was really good about the WCOOP - if you won a World Championship event, you were the world champion of that for a year.
Quote:
Originally Posted by BryanS-PS
As for the change [from lower buy-ins] to $2,100 in some genres, each is specifically intended to be the annual Championship for the game type in question. We realize that we'll be losing participation from recreational players who might have joined a $215 or $320 (most of them were $320 last year), but we've chosen to raise the prestige of the events by setting them apart in this way. We're still maintaining the "festival" aspect of WCOOP with more than half of the series being accessible to mass play at buy-ins of $530 or less; there will be no shortage of opportunities for recreational players to get in and win tons of money, but we want to reassert the prestige of WCOOP in some areas.
(my edits to add context in italics)