This is approximately what (yes, somewhat irrationally) irritates me about kayefabe.
I never watched WWF, now WWE, because I couldn't see any use for rooting for any one of them, since the matches are far more about the super-human "stunts" than about anyone in particular winning. Given how manufactured the fights were, whoever the winner was, was a moot point anyway.
There is a similarity here for sure. Imagine if Hulk Hogan claimed all his moves were genuine hard core painful moves, and not carefully rehearsed to merely look painful.
Since you mentioned him specifically, I'd suggest you Google "Hulk Hogan Richard Belzer"
I have no knowledge of wrestling except for vague cultural osmosis, but I found this video makes a very compelling case that it is a modern form of live theater, and regardless of its low-brow connotations should be understood and respected as such. Essentially: WWE is modern day Shakespeare, not a sport.
But you could appreciate it as a skilled live stunt act. Because it is genuinely dangerous. The moves must have been rehearsed, but the performers do get seriously hurt if they don't execute the act precisely in front of the audience