To use "being" or not to

The first is correct since the World Cup competition is a very well-established and long-standing practice.

'US Presidential Elections are held every four years'

But you might say 'Committee meetings are now being held once a fortnight', let's say, instead of once a month or something. But once they get established you would probably revert to '...meetings are held once a fortnight'. The inclusion of 'being' suggests an unusual or provisional arrangement.

"The world cup is held every four years" is a statement of fact. "The world cup is being held every four years, however, implies that it is held every four years at the moment, but the speaker/writer would go on after a comma or semicolon to modify this by saying it would be held at a different interval in the future.