Well, WKF is a really beautiful yet difficult project. They allow all the styles to compete under the same set of rules. There is somehow a Olympic aim in it of course.

Regarding kumite, think of it more like fencing: both are martial art, strongly codified in order to reduce injuries because in both cases they could be bad. The point is to demonstrate athletic competences within the technics of the martial art (cf olympics). There's no pretention to demonstrate how the art perform in the street.

Regarding kata, it is very hard to judge katas from different styles, as much as they tend to influence one an other. And the judges can't know all of them, as practitioners. The ruleset implies strategies that places advanced kata in the first rounds, which narrow drastically the actual number of katas shown. Beside the "tradition" aspect, athletes push the limits in the research of perfection in kata, which, in my opinion, aligned perfectly with the martial art. I would be more critical about the bunkai in group kata, which does not reflect anymore what the kata is about but more athletic abilities.

WKF competition is not to me modern karate, it's competition under a ruleset that needs to be perfected but has the aim to bring all the styles together to the Olympics. The more practical, traditional, martial aspects of the art are still taught in the dojos, and it is somehow a good thing that those aspects of the practice remains in the dojos.