The Fall of The TerritoriesThe territory system did a lot for the wrestling business in a few ways. It gave a lot of wrestling talent more than just one place to hone their craft. Gimmicks were able to be rehashed if they worked and scrapped if they sucked. Not sure if the territories could have survived in the current media market but who knows. With increased national exposure there maybe 3 or 4 viable top tier wrestling companies. Right now we only have one and them not having to compete for talent or for the market share has hurt the business as a whole.
The breakdown also took away the regional and local attachments that the area fans had to the product. The promotions used to travel to the same cities on a routine schedule that made talent have to keep continuity of their storylines and allowed the fans to be emotionally invested in the product.
Too Many Non Wrestling People In The MixJust like the music business, the interest of people who are just interested in making a profit has watered down the business. Vince McMahon has to now try to make people understand a business that they would never be involved with otherwise. This is believed to be one of the things that led to the downfall of WCW. One advantage the WWE has is that they are not owned a by more profitable parent company. In attempting to maintain the the mainstream appeal and attract more advertisers and merchandisers the company has slowly over time irritated their core audience. The core audience that made the brand what it is in the first place.
CM Punk Promo
Some Ring Time Pro Wrestling Podcast