The O-league has only been annual in the CWC era, but it would be a real shame if they decided it's only worth it in CWC years. Continental club competitions existed before the Inter-Continental Cup and the CWC because there is merit in the idea of finding the best club in the confederations for its own sake.
It would be interesting to know if there has been funding coming from FIFA to ensure the competition happened. If not, then it's hard to see why it wouldn't continue.