I think they're all fair points Turtle, but that needn't detract from the origination of the tournament of course which is where the naming rights has its genesis. The oldest golf course in the world is Musselburgh, but its a nine holer on the middle of a race track. The oldest football team in the world (professional) is Notts County, who play in the bottom tier etc
I think it's equally true to say though that the Masters has looked a little bit ceremonial in its depth during this period too, when the likes of Billy Casper and Gene Sarazen wobble up to the tee. At one level it was a nice touch, but really ......
On a wider point though, I actually wonder if there isn't something else going on though if you roll this forward 20, 30, 40 years etc
The period you're talking about, America had the best players by dint of its population. Golf in Europe was played largely by GB and Ireland (7 times less the population). It was only in the 1970's that the Spanish started to appear, and by the 1980's we started to see a numerical presence of Swedes, albeit they're yet to produce a superstar
If you tried to pick a Ryder Cup team for instance, made up from Continental Europeans, omitting these two countries who have played in it since 1979, you wouldn't be able to. There haven't been enough to make up a 12
It should be a matter of concern for the US in the longer term. Western Europe has a bigger population that the USA, yet the team Europe you think you're playing is really the rump of the old GB & Ireland, with Spain and Sweden added to it.
What i do think we're seeing though is the first shoots that perhaps the game is starting to be played more widely in some of the European sporting powerhouses. At this stage I'd suggest that Italy is doing most, with the French also showing signs of engagement. Germany is the odd one, as they have a corporate culture which should feed recreational golf, but perhaps they don't do the deal making over 18 holes, and concentrate instead on making things that work in factories? Eastern Europe hasn't shown any inclination yet, but there'd be whole new pool of players there too
Either way, if we start to roll this out, we see a picture of decline in the USA coinciding with expansion in Europe. I'd go so far as to suggest that any fifth major (or perhaps sixth) could well be a European Open (which exists of course) or the European PGA being upgraded. I think it's probably a quarter of century off, but I can see scenarios where it might happen.
That's not to say that someone might construct a 'World Open' yet to rotate between global venues?