I recently happened across an article on What Culture about the most financially successful years in the history of the WWE. The top 2 years were 1998 and 1998. But there was a note at the end that said, should WWE have not gone ahead with the XFL, they would have had the biggest year of their company by far - losing $65 million dollars apparently isn't good for business...
So with that being said, why did Vince move away from the Attitude Era and an edgy product? It was clearly making a tonne of money for him and his shareholders, so why change so drastically? Was the Attitude Era a product of necessity to beat WCW and Vince never really wanted to go down that route anyway? Was it for eventual political gain? I just don't get it.
Because the Attitude Era wasn't popular for its wrestling, it was popular for its shock value. Guys like Austin and Rock don't come around every day and the fact is when shock can no longer sell, then what do you have left?
The WWE made the smart play. They leveraged their incredible financial success into a far more stable form of success, while also bringing back down the expectations of their product. And what I mean by "expectations of their product" is that it is humanly impossible to raise the bar every week. The human body has limits. So you have to gradually drop the shock value part of your programming and push the far more sustainable aspects.
The WWE in the late 90s was popular, but it also came along at just the right time. It was the Jerry Springer era, where everything was about pushing the envelope, and the WWE just happened to have two superstars available to do that. But TV itself is not that way anymore. Sure, shock value exists, but pushing the envelope essentially means saying a cuss word and how graphic The Walking Dead can make a death. TV played out its shock ability a decade ago.
In the meantime, the WWE has leveraged its product into a global empire, a product which can have uninterrupted flow of consumers (as opposed to the Attitude Era, which was definitely not appropriate for children). The WWE simply could not have sustained the Attitude Era.
Finally, I'll leave you with this. If all it took to be successful was an edgy product, then TNA would be in a much better place now than they are. They tried the edgy route and it didn't work. The Attitude Era wasn't successful because they were edgy, the Attitude Era was successful because it was shock TV during a time when shock TV was desired and because they had some of the greatest talent in wrestling history.