195 countries in the world, 48 are competing in the world cup... far more countries don't qualify than do qualify.
Also the term world cup is now a lot more factually accurate, with more nations from different parts of the world being able to compete in the actual finals.
European fans are too snobby imo, we seem to be the only ones who ever moan about lower quality nations being able to compete, as if the world cup exists for our entertainment only. The same thing happened with the club world cup, the only people who really moaned about it were Europeans... Brits in particular!
Yeh sure FIFA are greedy but for me a 48 team world cup is without question a good thing.