It's their event... attract money from spectators.
I think that that is the biggest problem with this particular edition: Not attractive to sponsors and probably not self sustained without billionaires money.
The boats and the development are just too expensive to make this event a commercially attractive one. It is possible that Artemis will have not the money to recover from the loss of a boat but even if they continue only with one boat they will not stand a chance to have the money to continue development at the same level of Oracle, not even close.
Several teams that started the way to the AC had given up for lack of sustainability in what regards sponsorship.
Yes, I agree with Palmetto that the AC should be the top in sailing research in what regards racing boats and I don't like the level of conservatism on this forum where most people don't follow or like sail races but when they express an opinion about the biggest sail racing event they suggest it should be raced in good old designed boats.
The AC has to be a success not only in what regards sailing development but also in what regards commercial success and sustainability. They should not look to the stock cars races as a model, but to F1.
Extreme sports are dangerous and sailing at the limit is as dangerous as any other. Sure the risks should be limited but if they are not doing it in an extreme way and were using older safer, slower boats, then they would not be at the edge of sailing and that is what AC is all about.
I don't think it is their event, it is the biggest sailing event and it belongs to all that love sail racing.