Football isn't static. The World cup is no longer and the end all be all of football in terms of competition. Is it the most prestigious event? Perhaps, but that doesn't make it the most competitive. Twenty, maybe thirty years ago you could argue that national teams were the pinnacle of the sport. The best teams were national, now, I'd argue the top club teams are the top teams in the world.
The world cup isn't what it once was. The problem with comparing Football to these other sports, is these other sports have ONE outlet. Football has many. Hockey also has the olympic gold medal which you could equate to the world cup. Once every 4 years, best nations in the world compete for it. Yada yada, but we all know that it isn't the pinnacle of the sport, its a feather in the hat, but the Stanley Cup is the pinnacle. The Champions League is also now the pinnacle. The World cup was, but now its a feather in the cap much like the Olympic Gold is for hockey.