Competition is important, its also important for the wrestlers. When WCW existed the talent had a place to go where they were on national TV, monthly pay per views, and got comparable pay, touring all over the country, etc. Now that doesnt exist.
Me personally as far as the product I miss the pre Ted Turner NWA, Jim Crockett Jr era, 81-87. They were a direct alternative to WWE, countering the big man heavy, short matches, family friendly Disney like programming Vince gave us with more adult, edgy, stories, matches with more athletic performers, far more violent. It was a terrific counter balance and the NWA paid good money to wrestlers, putting them on National TV every week, touring all over the country.
When WWE was giving us cartoon characters and mild 10 min bouts the NWA Gave us War Games, Chain Matches, and when WWE gave us Bobby Heenan dognapping Matilda the NWA gave us Ricky Morton getting his face smashed and skin rubbed off on a concrete locker room floor, blood gushing everywhere. It was not only competition, it was a direct contrast to the other company, not two entities trying to copy each other giving fans similair products. The wrestling scene as a whole was better then.