I hated it when I was a kid too, because it marked the end of Saturday Morning Cartoons. But today I appreciate it for what it is: Kabuki Theater for Americans. Or maybe more directly: Soap Opera for Guys.
I enjoyed the hell out of it as a kid, especially back in the days when Andre The Giant was still around. Later on when i was in college i still enjoyed it but it had become less kitschy and more of a melodramatic spectacle and i stopped watching. I do have respect for what they do and i don’t think there’s anything wrong with those that still like it. As you say its like a soap opera but with more punching and on a conceptual level i’m all for it.
I liked it when it was Big Daddy and Giant Haystacks, and all the front rows were full of little old ladies who were really into it. We all knew that they wanted to get into the ring and hit the heel over the head with their umbrellas and handbags, and I don’t know why it was never set up. It was probably because the promoters knew that we were hoping it would happen some day, and we would stop watching once it had.
What’s really interesting from a performing theatre aspect is watching the wrestler look out at the crowd to try to elicit certain reactions and then kind of sort of realizing there’s no crowd to cheer or boo and seeing the really excellent performers roll with it and the less main event style lower card guys getting really thrown by it.