The athletes, man and woman, who rank #1 at the end of the season (could be 31 Dec, or other) should be recognised as World Champions (LD).
Designating a specific event as "the World Championships" as Ironman do (this year Lahti/Nice/Kona) is less fair than a world championship decided by performance through the year, with a 'grand final' race at the end of the season offering more points to encourage participation in that 'final' race with every athlete in contention competing.
In short course the WTCS works well to identify a worthy World Champion, annually. Look at the great/grand final (2022) where Bergere triumphed against considerable odds.
Designating a specific event as "the World Championships" as Ironman do (this year Lahti/Nice/Kona) is less fair than a world championship decided by performance through the year, with a 'grand final' race at the end of the season offering more points to encourage participation in that 'final' race with every athlete in contention competing.
In short course the WTCS works well to identify a worthy World Champion, annually. Look at the great/grand final (2022) where Bergere triumphed against considerable odds.