Although I would favour a move back to the more violent, edgy Attitude Era style booking, I can understand why WWE haven't done this- they'd lose alot of money from sponsorships, advertising and alot of their viewing audience are kids, so they'd be alienating alot of their current audience in the hopes of gaining back some of the older lapsed fans.
While I appreciate the argument that "PG doesn't automatically equal shit", and the belief that good writing/performances can compensate for the lower rating, I truly think that a PG child-friendly rating limits what the performers and writers are able to do. The matches are tamer, there's less scope for shocking, violent moments and let's be honest- the whole point of wrestling is two guys FIGHTING, trying to injure the other to keep him down for 3 seconds. It's not a a child-friendly concept, no matter how they sugarcoat it with "superhero, kiddie friendly characters". It's two guys looking like they are beating each other up. It's violent at it's core.
The characters are able to become deeper and do things at PG14 that they currently aren't able to do, the beat downs are more realistic, the matches more exciting, language used is more realistic as what would be said in real-life situations...it's just better.
I think alot of guys would benefit from a shift to a PG-14 rating, especially Dean Ambrose and Bray Wyatt. Undertaker was really able to widen his character and become a lot darker during the Attiude Era and Wyatt would really be able to do the same with more of a free reign in his promos, and we'd probably see some specific gimmick matches to support his character. And we all know of Ambrose's Hardcore past as John Moxley, he'd be right at home.