The Reality Era started when Facebook and Twitter really became a "thing." Before that you'd never have to even THINK about hearing what a wrestler had for breakfast or read some quote they took from a Reader's Digest that day unless it was woven into an on screen promo!
Now almost every wrestler is on Twitter and/or Facebook. So kayfabe is basically dead. It only exists in children who don't know any better yet. That's why WWE makes business sense to cater a lot to children's interests as much as the adults may groan, if the kids are interested they can beg their parents to buy merchandise and buy or take them to shows.
What WWE tries to do is make a product that draws money. Well, they average about 3-4 million viewers for Raw and 1-3 million for SmackDown and clearly get a bunch of ad revenue because commercials seem to be every 5 minutes. They have over 1 million WWE Network subscribers and so whatever they are doing, whether it's unbelievable or not, it seems to be working.
WWE is not going back to Attitude Era ratings because there are too many channels and too much other content on the Internet and with kayfabe gone from wrestling the 'mystique' and 'prestige' of a unbelievable Professional Wrestler is gone except in the eyes of kids or in hardcore wrestling fans that now appreciate the wrestling ability of someone but know that any of their wins is purely in order to try and further a story and draw money.
UFC doesn't have to worry about that. They will or will not draw money based on their card of fighters who people want to see fight because they are undefeated or have true and real heat between them, etc. Their fights are real so you pay money to see who is better not who 'entertains the best'.
Real sports like NHL and NFL don't have to worry about that. They draw or do not draw money if the teams playing are interesting to people because both teams are powerhouses who have legitimately won enough games to have a great record and/or are on a historic win streak or are true heated rivals and add to that are in a real playoff match-up with a real prize at the end.
But WWE/Pro Wrestling no longer has that mystique-factor where a guy like Bruno Sammartino is a huge draw because he's undefeated for years. That would never work today. CM Punk went the longest in 25 years and while had a chunk of fans, if he was still champ today I bet ratings and buys would be lower than they are now because fans are too smart and say "CM Punk is a good wrestler, but it's unrealistic for him to still be champion to have beat guys much bigger than him and still be champion." Back in the day of Bruno Sammartino, fans would go "well, he's just that good, so let's pay to see him wrestle because he's so amazing!"
Even in the day of Hulk Hogan, it helped because Hogan was a big, tall, muscular dude so whoever he faced people could believe he would beat and a 4 year title reign seemed very reasonable. And it didn't matter THEN that you only saw Hogan do like 5 moves because no one complains that Ronda Rousey only uses a few moves, particularly that arm bar and wins the match in seconds because IT WORKS. For Hogan his moves WORKED and people bought into it.
That's part of the reason why half the fans like Reigns, half the fans don't. Mostly kids like Reigns because they just seem him as a big, cool dude with some cool power moves that WORK. Many women like Reigns because they think he's a hunk. Some adult males like Reigns because they appreciate the work he is putting in and enjoy his work for the most part. They know he hasn't shown 100 moves or cut a wicked promo like The Rock but they appreciate the work he puts in. REALITY ERA. People who don't like Reigns don't like him because they don't see enough wrestling moves out of him, he doesn't interest them on the mic and they don't believe he's earned the spot he's in. REALITY ERA. People know it's written and Reigns was chosen and many fans don't like he was chosen.
WM 31 will probably tell WWE and fans how important the Reality Era influence really is. Reigns vs Brock Lesnar is a more realistic match up. They could probably be almost in the same weight class in a UFC match. Reigns vs Daniel Bryan? While hardcore fans would love it, casuals and others think it's ridiculous. So does a more legit match up of wrestlers based on size and presence draw more money than last years main event of a true underdog pushing light heavyweight status vs true heavyweights?
We will see.