Well said, Slay J. You nailed it on several levels.
And while today's indies often lack believability (it wasn't too long ago you could push a button on Player Uno's pants and "pause" him mid-match) and consistency (one of PWG's current top tag teams, RockNES Monsters, have been booked in NWA Hollywood as having disolved their team and have been feuding with one another for the past several months (Goodtime has turned total heel there!), the same could be said for the "good ol' days" (yes I was around: I remember the Monster and the Mummy from the Olympic as well as Blassie losing the WWA title because the curfew ended, Flair beating Dusty at Starrcade because of blood loss, we could go on...)
I think the big difference is today's wrestling shows little resemblance to a true sporting event. That feel ended in the 90s... when I was a kid and went to the Olympic, Sports Arena, and Forum, the ring was in the center of the arena with the fans all the way around.
Sometime in the 90s/2000s the shows started closing off 1/3 to 1/2 of the arena for backstage filming, Titantrons, entry ramps, pyro, etc... it was no longer a sport or a contest but a show, an extravagant show. Shows dont have winners and losers, contests do!