Personally I dont think the internet changed things that much. Yes, now more fans get access to behind the scenes stories, I didnt know in the 80s that Kerry Von Erich had a drug problem, that Ultimate Warrior apparently was a supreme jerk to work with, same with Sid, that Hogan was so protective of his character, the Savage & Liz were married in real life and she dumped him, that Flair drank & partied much the same way his onscreee character did, etc. Major stories did get in the news, Bruiser Brodie's stabbing, arrest warrants for assault for Ron Garvin, the whole messy Iron Sheik-Jim Duggan drug affair, Anvil Neidhart's airplane incident, major things like that were publicized in newspapers and TV even if rumors about Liz partying in Miami Beach or Flair dropping a grand at a Mariott Bar on a drink tab were not.
Certainly stories about guys like Warrior & Hogan might have impacted their popularity. Hogan was a major draw however for many years, well into the late 90s/early 2000s long after numerous stories of his "creative control" hit the internet. I would say most fans in "the know" were very familair with stories about Hogan's alleged refusal to put over Hart in 93 (wasnt a big enough star), Flair in 94 (didnt want to hurt merchandise sales), and other various tales. He was still a huge attraction and he drew major money.
The big thing that changed the industry is the PPV business. Even in the late 80s/early 90s both WWE & WCW only did a handfull of PPVs each year, only expanding by one or two the number of annual "SuperShows" they did in the pre PPV days early to mid 80s. By the mid 90s with audience numbers declining both companies started adding more PPV dates, which meannt fueds had to wrap up faster and storylines had to move quicker, sometimes without realizing the full potential of the workers involved. In the pre PPV era you could draw feuds out with a variety of twists and turns and have multiple "big matches" in differernt cities for several months. Once you charged the public $50 to broadcast the match nationwide it became much harder to draw out feuds as long. As stories moved quicker the shows in both companies sometimes became harder to follow and it became much tougher to break in and establish new talent, they simply didnt get as much time in different fueds to make their mark.
No doubt the Internet has changed things, but the PPV industry has changed much more. So has the pressure of weekly live TV shows, mini spectacles each week.