There are a lot more countries involved in sailing than in modern pentathlon.
Yes, but the cost of participation for athletes and emerging nations is step. It takes a lot of specialized training. Obstacle course is supposed to solve part of that problem, but there has yet to be a major change in participating countries at those test events.
I love seeing Egypt’s success in the sport, but modern pentathlon is pretty much non-existent on the continent outside of Egypt. I believe the last non-Egyptian to compete at the Olympics was a South African in 2000. There were 7 African NOCs represented in sailing at Tokyo 2020 (6 at Rio 2016).
I would also agree that modern pentathlon has made positive changes in recent Olympic cycles. However, the UIPM has also made some poor business decisions and is experiencing a disconnect between executives and athletes (although they aren’t alone there by any means).
In my opinion, sailing is in the danger zone. However, it has just enough going for it to remain above boxing, weightlifting, and modern pentathlon for the time being.