For me, it's a combination of a few things.
1. WAY too much content. Back in the Attitude Era, the alleged golden era of wrestling, you had about four to six hours a week of TV, and that's counting the shows like Metal and Jakked (those shows were lower than Superstars is now). Now, you have that by Wednesday. You're asking writers to figure out stories and action for over eight hours (Raw - 3, NXT - 1, Main Event - 1, Superstars - 1, Smackdown - 2, Saturday Morning Slam - 1/2) of TV a week, which is ignoring PPVs. There's just WAY too much going on and people get tired of trying to keep up with it all.
2. No one is elevated strong anymore. Before Ryback, who was the last guy who got a rocket strapped to his back and was launched to the main event? Del Rio I guess. before him? Not quite sure. Anymore, this is what you get:
WWE wants to push let's say Kofi. Kofi pins Miz and gets pushed. Well now Miz needs to get his heat back so let's have him beat Brodus. Brodus looks weak now so have him get a fluke win over Del Rio. Del Rio is angry so he destroys Kofi.
Now we're say two weeks later, everyone is 1-1 and no one is any stronger than they were when the whole cycle started. Then the cycle starts all over again and there's no one to get behind because they're all the same and no one of the four looks ready to move up because they're the same as everyone else. Then Cena gets hurt and you get lucky that there's one guy you haven't jobbed out yet and the fans are getting behind. If Ryback wasn't there, who in the world were they going to throw at Punk? Orton? Maybe? They need to fix this FAST so there are people to get behind. Stop worrying that these people are going to get hot and leave and enjoy them while you've got them there.
3. General Managers. It's been done. I mean it's been done for the last fifteen years. They've tried ever since to capture the lightning in a bottle they had with Vince vs. Austin and NOTHING HAS EVER COME CLOSE, but they keep at it anyway. Think about it: we're on what, the third GM of the year on Raw? Why am I supposed to care about Vickie more than Ace or AJ? Just let it go, have ONE boss (or zero preferably but since wrestling fans are apparently so stupid that they ahve to have someone walk them through everything that's not going to happen), and that's it. Make it Vince, make it the Board, make it a GM, and THAT'S IT.
Think about this: the Board is apparently in charge of everythign, Vince is the Chairman of the Board but has no authority over them except for occasionally when he feels like it, the GM no longer exists but has to answer to the board and Vince and now there's a managing supervisor which is somehow different than the GM. Let me sum this up for you:
WHO CARES? This brings me to my next point.
4. Who is the audience for this show? The line you always hear is the audience is kids. When I was a kid, I loved Power Rangers, Super Nintendo, TMNT, Hulk Hogan, Disney Movies and Sting. You know what I wasn't interested in?
Lawsuits over finishing moves
Corporate power struggles
Fraternizing
Business dinners
Managing supervisors
Boards of Directors
Stephanie's charity cause of the week
Actually, who is interested in ANY of those things? This brings up the most important point.
5. The shows are boring. We just got off Sheamus vs. Del Rio which was Del Rio whining every month because he didn't get ANOTHER match. Now we're on to Cena saying that he hasn't been allowed to beat Punk. What does that even mean? He's had two matches with him in the last few months. He lost one in a triple threat and he tied in another. How is that not letting him win? Punk talking about how many days he's been champion while demanding respect isn't interesting. Vickie CERTAINLY isn't interesting. Ziggler was hot for awhile so they jobbed him 15 times over the last few months. What is going on that's interesting? HELL NO is interesting, so let's have them wrestle in singles matches, not do the funny skits that made people like them, and have them lose to guys like Ziggler and Big Show because those guys have to beat SOMEONE so we'll think they're threats, and who better than champions?
Most importantly though, get Raw back to two hours and things will get better. Oh and stop the stupid GM nonsense. Things will get better fast.