The issue is engines. In the old days there was K&B. Now there are only OS and Thunder Tiger with 3.5 cc engines. There are no more large nitro engines or anything else that is mass produced and easily available. Outboard engines, except for the above two, now need to be assembled by experienced racers.
Where is the future? In electrics the P spec outboards have been spectacularly successful in my area. They are running about as fast as 3.5 mod or 7.5 stock boats with moderate cost equipment. Yes, they still need to be assembled by experienced racers, but the parts are easily available at reasonable prices. A Q spec class with 7,5 sized hulls could be the next step. There is a lot of thought that needs to go into what equipment should be allowed and how it should be specified.
Gas outboards are another area. People have made some straight forward (but ugly) lower units that work well. Insane, Lawless, and others have units for sale. Again everything needs to be assembled by experienced modelers, but the parts are still moderate in cost. The big boats are tolerant of rougher conditions and a couple of good hulls are available. A huge variety of power heads are available so an eye needs to be kept on costs when writing the rules. If you go displacement only the costs will get out of hand and the available lower units probably won''t hold up.
In both gas and electric, I believe spec classes are the way to go. We had de facto spec classes with K&B. When Zenoahs were king the same applied to the gas boats. Sure, you could modify the engines, but the base units were very similar. Look at the success of thunderboats with spec engines. I believe some form of restricted equipment selection will help keep outboards popular.
Lohring Miller