None of it makes any sense really. I was under the impression that the Canada Cup arose out of the Summit Series of the 70s, and then somewhat evolved/got bastardized into the World Cup of Hockey, especially around the time the NHL started participating in the Olympics. Now, like the All-Star game, it seems more like a gimmick aimed more at attracting more fans than at putting on quality hockey.
And Team NA is a 50/50 mix of Americans and Canadians that supposedly can give world power teams a run for their money. I don't understand it, either, and it seems, for lack of a better word, silly.