Who gets the WC rights or not? its not upto BCCI per se but ICC voting committee and bidding. I am all up for BCCI bashing anytime but i suggest please use better argument and keep emotions on check.
I agree with the last paragraph of your post. Let the hosting rights be decided on the basis of voting. In case Sri Lanka, Pakistan and Bangladesh could make a joint bid, then they may get 3 assured votes (out of a total of 14?). If they could persuade Afghanistan by giving them the rights to host one or two games, then it gets to 4 out of 14. 4 more are needed and I don't think that it will be very difficult for them. They can get support from countries such as Ireland, if they are generous enough to allow a bilateral tour.
I guess for selection there is already one dedicated panel which evaluate all the proposal and rotation policy. Plus not sure if any country has any say in it or voting works this way, So can't add anything but will look into this topic.
As far as i know WC tournament are the main source of income for ICC and that's where they generate their revenue which gets distributed to all the countries. We can only imagine if by any chance something goes wrong with the ICC tournament then small cricket board might get bankrupt as they are solely depended on ICC revenue model.