I think one of the main reasons why we have less bigger stars is because we have no big heels anymore. Let's look at the biggest faces in recent years:
- Hogan: Savage, Andre/Heenen, Yoko, Piper
- Sting: nWo
- Austin: The Rock, Mr McMahon
- Cena: Edge, Orton, Punk
- Bryan: The Authority
There are no big heels anymore. There is no one that I want to see get beaten up. We no longer look at a heel and say "I wanna pay to see you get beaten up" we say "Oh gee that was good heel work". You can't have a big face without them overcoming a big heel.
The overall issue is that wrestling is not part of the current cultural zeitgeist, which means that it generates little interest from people outside the diehard fan sphere. With the availability of the internet becoming widespread, this means all those heavily invested fans have become 'smart' and there has been a lot of homogeneity of opinions formed. People don't want to feel they are getting 'worked', so they cheer and fawn over the heels as well, because they're still good ring workers or they think it's cool to like the character or whatever.
The fanbase that went to shows going "I hate this character. I want to see the babyface punch his head in." is gone. Now it's all about "wow, I can't wait to see the performance between these two fantastic workers. I don't really care who wins or loses."