I don't think you're entirely wrong that companies fear losing money, but it's not lacking the title of "sport" because of some conspiracy. Some reasons, and many people may disagree, why I don't think it is a sport (don't get me wrong, I'm not taking away from the athleticism, this is my 2nd favourite sport BUT, I don't believe it's a sport), not because of the physical aspect, but the fact that..
a) the United States has upwards of 15 "national" championships. There is no one company that holds the one competition that can be truly considered "national". A competition that is in the middle of nowhere that has 2 states being represented is not a "national" competition. If I were someone looking at the cheerleading world who knew nothing about it, I'd be confused.. I am confused. How can you consider yourself a "national champion" at a competition that was only represented by your state? On top of that, you probably didn't go against many people to get it. I respect competitions like Cheersport and NCA, those are 2 competitions that I would actually consider NATIONAL competitions.
b) The scoring is not refined enough, in my opinion. Now this one I KNOW people won't agree with. Look at sports like gymnastics and figure skating. They are two sports with very subjective scoresheets, however they are VERY specific about requirements for a routine/event, deductions, and give an overall difficulty score to work off of. We don't have that in cheerleading. Your routine is not presented to a judge on paper for that judge to say "okay the max score they can get is ____, now let me focus on execution" (takes some confusion away as to why Team A's stunt scored higher than Team B). Also, the deductions that a team face aren't clear, at least from what I can see. Take, for example, Shooting Stars from Return To Atlantis. One, maybe more, I don't remember in detail, switch up stretches cradled early, but some call it a fall... This, in cases that are not only regarding falls/early cradles, could result in different deductions. What one person may consider a tumbling bust, another may consider just a step forward, which would also result in possibly two different deductions. Of course, for anyone that knows gymnastics (I don't know figure skating all that well, so I'll use gymnastics specifically), there are grey areas, there always will be with subjective judging, but in my opinion, cheer has the most subjective scoresheet of any other "sport" (I say that in quotations because, as I said, at this moment I don't consider cheer a sport), and that should change before cheerleading ever goes to, let's say, the Olympics. (let's not make this a "should cheer be in the Olympics?" thread, that wasn't the point of my post)