Angle/Benoit was hurt by Angle not really telling a story in the ring and just kind of trading holds, then countering finishers.
The best feud that revolved around guys who exchanged a lot of basic holds earlier on and moved into multiple suplex variations and counters later on (I refuse to call it technical because I don't know how to do every move so I don't know if it is or isn't) would be probably Malenko/any cruiserweight wrestler.
In WCW, and really, at any point in history, I can't think of a single guy who pulled off the "technician" gimmick better. He got over because he knew how to do a lot of moves. Had 0 personality. When has that ever happened before? That's how flippin good he was.
Here's my favorite Malenko/cruiser guy moment. It's Starrcade 1996 I wanna say. Ultimo Dragon has won 9 belts, beating everyone. They're in Nashville so the crowd is all "WHOO YEA MERKA" and all that good southern stuff. Like most crusier matches and Malenko matches, the crowd is fairly quiet early on. They start trading holds and counters, crowd gets more and more into it. At one point, they do the flipping tombstone counter spot like Orton/Taker at Mania, only they counter it like 3 times with Malenko hitting a jumping spike tombstone. The crowd POPS, Malenko shows emotion and does the "it's over" motion and covers 1..2...kickout. It was awesome.
I say that match and that "feud" because it wasn't a feud or match based on ANYTHING other than people's admiration for Malenko. Ultimo had Sonny Ohno but people didn't hate Ultimo, they respected him. They hated Ohno. They cheered for Malenko because they thought "he's our guy, he knows his shit, he can beat this guy" and Malenko nearly beat him with counters. I don't even remember who won, I just remember as a kid being behind him because "he knows all the moves". Hennig, Hart, DB, Steamboat, etc, these guys all got over partially because of their ability, but they also had personality (some more than others). Malenko and his feuds, and especially against Ultimo, got over on his perceived technical ability. Obviously, the whole "USA vs foreigner" thing was going too, but people got behind him because of his technical skill, not because of any deep seeded hatred.
Malenko/Jericho was good too. They had a battle royal to decide who would face Jericho. Jericho had been running his mouth and being a real good chickenshit heel. Malenko was dressed like Cyclope, won the battle royal, unmasked, place popped. Good times.