That may still be true. Ironman has not historically been victim to the sunk-cost fallacy, killing the St. George 140.6 after three under-subscribed races. But it is looking more likely as if the former Chessie has a longer life expectancy.
Today I learned (hat tip to frequent commenter D__) that WTC is putting its premium "Ironman" brand on the former Chessie. Contrary to my prior statements, there is some logic to this -- it is the first Ironman-branded race of either length in the triathlon-crazy mid-Atlantic region. (Ironman 70.3 National Harbor would have been the first, but it flopped before it ever started.)