The WWE has not produced a product that entertains compared to regular TV shows which are way more popular. WWE doesn't know what they're doing compared to normal TV. Part of it is that live entertainment is usually more repetitive than scripted(how often does JR say the same thing during announcing? How often do Kurt Angle, Shawn Michaels, Chris Benoit, or Eddie Guerrero use the same spots when wrestling?). Who's Line is it Anyways is repetitive too.
WWE doesn't compare favorably to sports. The announcers in MMA and Boxing tell it like it is in terms of the athletes involved plus their are less frequent events so their is less repetitive commentary. And, these sports usually have better psychology despite the occasional anti-climactic finish(which happens a lot in wreslting too). Plus, boxing and MMA have better storylines too.