I had a feeling that it wasn't Smash Bros. that was the first video game to feature crowd cheers, it was this game. And also, the crowd noise before the fight is similar to the one you hear in the Smash Bros. games.
Many more fighting games had crowd cheers before Smash Bros. Street Fighter 2 games, Fatal Fury and KoF series etc. It was a common thing in the early 90s.
I always liked World Heroes, it's so much more than just a Streetfighter clone. I just don't like the 3 button system, that's why I prefer to play the quite accurate SNES port where you can change between 3 or 5 buttons.