I wholly agree with your point about fans having been "spoiled" (although I don't think the term is necessarily appropriate).
I'm afraid I can't think of any way WWE could ever climb back up to that peak again. I mean, really, what could WWE or TNA do that would shock the fans and even mainstream to the same degree that NWO, DX, Austin, Rock, etc. did?
"Spoiled" wasn't mean as an insult, and it doesn't always have to be taken as such. Sometimes it simply means that one has grown accustomed to a higher standard and now views it as an expectation. The difference between someone who's just spoiled and one who's a "spoiled brat" is how they react when a lower standard is presented to them.
Also, I think you're overvaluing the need for "shock value" in the wrestling product. Think of a long-running television drama like "E.R." or "The West Wing." Of course you had the occasional shockers and cliffhangers, but for the most part the audience stayed because they were drawn to the well-crafted characters and storylines.
Obviously pro wrestlers aren't on the same level as the George Clooney's or Bradley Whitford's of the world in terms of creating compelling characters, nor are they given the material to work with that these actors receive from their writers. However, a wrestling fan doesn't turn on RAW expecting to see Emmy-worthy acting or dialogue. They know what wrestling is and simply want it to meet the regular quality that they've enjoyed in the past. It's not about the big moments, but rather the weekly ebb and flow of the product that has to improve for the slump to end.