When you look at the FIFA world rankings, it supports your point. If you look at # of countries in the top 32 FIFA rankings versus how many qualifiers they get, it looks something like this:
FIFA Confederation - # of qualifiers - # of countries in top 32
UEFA - 13 - 16
CONMEBOL - 4.5 - 6
CONCACAF - 3.5 - 3
CAF - 5 - 4
AFC - 4.5 - 3
So actually, Europe and S America are technically underrepresented in the World Cup, while the others are slightly overrepresented.
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