I think the company would have eventually gone out of business or it would have been purchased by Ted Turner. Turner would have loved to have added the WWF library to WCW and I think he'd have made a strong pitch for the company.
Gorilla Monsoon was a pure, 100% wrestling guy. During the 80s, wrestling companies that were owned by pure, 100% wrestling guys were going tits up with or without the WWF being there. The growing availability of satellite, cable TV and syndication made the territory system obsolete, so staying in your own backyard in the hopes of keeping your hardcore audience watching & preferring your show simply wasn't an option. Besides that, the 80s was a time when things were changing, some for the better and some for the worst. The economy was booming, there seemed to be a good deal of optimism among people and things that were low key and old fashioned were going out of style. People were spending money for gadgets and gizmos that most of them probably had no real use for. Television was changing, music was changing, sports was changing, so wrestling had to change with it in order to survive. Vince McMahon was able to recognize this and even though some thought he was crazy, it turns out that he was right. He saw change coming whether anyone in wrestling really wanted it to or not and he embraced it.