Here is a paragraph from your industry leader Varsity's last 10k report with Security Exchange Commission in regards to regulation, a governing body or a sport. It may help shed some light on why cheer is an industry rather than a sport. If you would like the whole document feel free to private message me and I will send it to you.
REGULATION
There is no national governing body regulating cheerleading and dance team activities at the collegiate level. Although voluntary guidelines relating to safety and sportsmanship have been issued by the NCAA and some of the athletic conferences, to date cheerleading and dance teams are generally free from rules and restrictions similar to those imposed on other competitive athletics at the college level. However, if rules limiting off-season training are applied to cheerleading and/or dance teams similar to rules imposed by the NCAA on some inter-collegiate sports, it could, under certain circumstances, have a material adverse affect on Varsity's business, financial condition and results of operations. Although we are not aware of any school officially adopting these activities as a competitive sport, recognition of cheerleading and/or dance teams as a sport would increase the possibility that cheerleader or dance activities may become regulated. We currently do not believe that any regulation of collegiate cheerleading or dance teams as a sport is forth coming in the foreseeable future, and in the event any rules are proposed to be adopted by athletic associations, we expect to participate in the formulation of such rules to the extent permissible.
At the high school level, some state athletic associations have classified cheerleading as a sport and in some cases have imposed certain restrictions on off-season practices and out-of-state travel to competitions.However, in all cases to date, we have been able to work with these state athletic associations to designate acceptable times for the cheerleaders within these states to attend camps. We have also signed agreements with several state associations to assist with sponsoring and executing official competitions within these states. To date, state regulations have not had a material effect on our ability to conduct our normal business activities.