It is rather consequence than the cause. The problem is that sportsmen, players and other showmen are generally overpaid.
To play such chess match you need comfortable place, chessboard, pieces and clocks. No need for sponsors. No need to waste millions of dollars to pay players, seconds, arbiters, journalists, broadcast commentators, assistants, physicians, masseurs and whores.
Funding is always a big problem with chess. But with Carlsen as WCC we may see many purse strings ease, since the boy wonder is clearly more marketable. I would imagine that Norway would be under heavy pressure to support the next WCC Match.