Truly, Mike - the Wave wasn't made to be a one-design boat, so the principles of SMOD don't really apply.
I got to be there as the IWCA was born, so I got to see how things developed. Honestly, there was no anti-Hobie sentiment involved that I can recall. There isn't much to regulate on the boat, but another example had to do with the main blocks. The class passed a minimum stack height based on the blocks supplied with the boat - it came stock 4:1 without a ratchet and some people were adding one (including me... I know, wimpy, right?). A couple of years later, Hobie Cat switched suppliers on the main blocks and went to something less expensive and with a smaller profile. The class reacted by changing the stack-height rule... which was nice, because you could get a tiny bit more rake with the newer set-up. I see that as another example of a small owners' association embracing the changes made by a manufacturer and adapting to keep things equal on the water.