I don't think that's true. Not to single you out--a lot of people have made this point so far, that this Punk storyline isn't making ripples outside of the wrestling community.
My asshole roommate, who turns his nose at the very thought of wrestling, heard about the whole storyline from some sports podcast he listens to, and it interested him enough that he started reading about it online. If you want to talk about another "jaw-dropping" moment, it's when he told me that he thought this storyline was really interesting and he wanted to know what happens. A couple of days later, he handed me a copy of the Chicago Reader, whose cover story was about Colt Cabana, and said "hey, isn't that the guy who CM Punk keeps mentioning..?"
Granted, it didn't turn him into a fan, and I have no empirical evidence that this happened to anyone else, but this storyline got (relatively) major coverage outside of wrestling websites. Maybe that doesn't result in an immediate increase in PPV buys (understandably so... again, would a new interested party be willing to pay 50 bucks for something he's merely curious in?), but it definitely means greater overall public interest in the WWE.