First, WWE did something very similar n 1988 when Andre cheated, bribing the ref to quick count Hogan and steal the title only to sell it to Ted DiBiase.
You have to look at where WCW was in early 99/late 98. The NWO roster split was a failure, largely because the infusion of WCW guys made the Red & Black basically not the NWO and the Black & White was almost entirely mid carders and jobbers, with the exception of Scott Hall (who missed a lot of time due to his many drug problems) and Hogan, who worked a semi part time schedule. Add the fact that for most of the fall into Dec 98 and Starrcade you had no Lex Luger or Brett Hart and then Sting was injured. The fact that WCW was still neck & neck with WWE and Starrcade 98 was the success it was is nearly a miracle.
WCW had no strong heel presence at the start of 99. Nash had clearly been a face most of 98, and was booked as a face heading into Starrcade. Even the Title switch was done in a way that made it look like Nash was not responsible for the interference that won him the title. Every successful company needs a strong heel/heel faction, as the constant opposing force to who ever the top heroes are. WWE had McMahon & His Corporation as well as DX during the late 90s, in the 80s WWE had The Bobby Heenan Family (with its rotating membership but clearly stated goal of destroying Hulk Hogan) and the NWA had The Horsemen and The Midnight Express. No one wants to pay to see the hero unless he is facing a legit threat from a tough heel. WCW had no main event level heel/faction with the basic destruction of the original NWO and needed one badly.
Nash was a great choice to end the Streak. Who else was left ? Goldberg already beat Big Show, Sting, & DDP, as well as Hogan (although their was money in a re match later). Nash had a similar undefeated streak with his year long run as WWE Champ. Other than Flair and Hart who was left to end The Streak ? CERTAINLY you dont waste ending Goldbergs streak on some midcarder or up and comer, NO WAY the audience believes one of those guys beats the un-beatable Monster. You can believe Nash, Flair, Hogan, Hart, Sting ending the streak, no way Goldberg runs though those guys and loses to Jericho, Benoit, Malenko, etc. The storyline for the Starrcade match, which worked a lot of the history of Nash WWE Title reign, was very well done. The Streak was old, WCW needed something new, they were running out of worthy contenders, it was a good time to end it.
The Finger Poke itself was a brilliant move. 1) Totally un-expected, this was a turn no one saw coming 2) Brings back Hogan and makes him relevant again he was clearly the most hated character in WCW and the one guy wrestling fans in general and WCW fans in particular wanted to see lose 3) Re-Establishes the NWO as a major heel faction, completely unscrupulous, underhanded, lying cheating scoundrels. The purging of the non essential members right after was also brilliant, the group very quickly turned into a lean, mean, fighting machine, like they were in their heyday 96-mid 97. It also made them look more heartless and cold, always a good thing for villains. 4) It wasnt a re-tread of the NWO angle because there was one major difference, the group no longer controlled WCW. For much of 96-98 having NWO leader Eric Bischoff also in charge of the WCW allowed the group un limited protections, changing match decisions, altering booking plans to protect the guys in the ring, he was the ultimate and the original Bad Boss/Evil CEO . However, by early 99 EZ E was out of power, noted Hogan nemesis, avowed NWO opponent, and WCW loyalist Ric Flair was in charge of the company. Giving the NWO back the World Title gave some sway but they now had to contend with a WCW boss who no longer protected them, in fact, he was dedicated to destroying them, giving WCW in general and opponents like Goldberg & Sting a powerful ally they didnt have before. The group was back, the company had a cohesive evil heel faction everyone hated, but they werent in power, now they were in chase mode, trying to reclaim the kingdom and protect their only asset (World Title).
The fact the WCW twice topped the 5.0 mark in the ratings despite airing head to head vs RAW in Feb 99 (after the FP of Doom) shows the audience was tuned in and interested in the new dynamic.
WCW should have had Goldberg run through the group, with Flair doing what he could to force the NWO to face him as they tried like cowards to avoid him. I would have drawn out the rematch between GB & Nash one on one until the summer, probably Great AM Bash time, with the idea that if GB beats Nash he gets his title shot vs Hogan, if he loses Bischoff gets back control of WCW. Have GB win but suffer a brutal beatdown that leaves him MIA until October (in time for Halloween Havoc, one of the biggest shows every year WCW did). Have GB win the title at HH.
Certainly it seemed like WCW was moving in a related direction but they tanked everything with three huge audience killing moves post FP of Doom
..1) Having Flair job AGAIN to Hogan They set up a huge match at SuperBrawl and WCW fans were dying for Flair to win I get that these two were big money and the SB PPV did very well in 99, but fans werent interested in seeing Flair screwed over again, remember WCW fans disliked Hogan because he was from the other company and Flair was our guy. Flair was extremely over at this point, and WCW still had no Hart, Luger, or Sting back yet, but having Hogan screw him over AGAIN with the major set up they did for this match didnt please the audience 2) The Double Turn Fans were interested in the re formed NWO, they were invested in Flair and hated Hogan, the infamous Double Turn may have been one of the worst decisions WCW made during this time. The crowd at the PPV hated it, it was maybe the most dead crowd Ive ever seen for PPV main event, the biggest pop of the night coming when Flair won the title (despite cheating). This also weakened the whole NWO dynamic, after investing so much time re-inventing them WCW basically tanked them for no reason when they were hot and drawing money 3) Hogan left right after the Double Turn All that effort to bring him back and re form the NWO as a mega heel power group and not only does Hogan turn face inexplicably mid story but then he leaves for several months right after. Whats the purpose of the Double Turn if Hogan is leaving ? If WCW wanted to give Flair the title it would have made more sense for him to beat Hogan clean, then slowly turn heel to protect his belt, becoming a tweener, with Goldberg on the clear face side and the remnants of the NWO on the clear heel side. Have the NWO turn on Hogan and dump him because he lost, have Goldberg still run through the NWO, have him beat Flair for the belt, and have Hogan come back, feud with the NWO, then set up a face Hogan-Face GB match for the belt. Either that or have GB beat Hogan clean since he is leaving, have the NWO turn on him so he can return a face later in the year, have GB battle the Nash lead group through the summer with some tension between him & Flair over title shots. Doing the Double Turn that no one wanted, then disbanding the NWO so soon after working so hard to re establish them, then having Hogan leave right after
..that made no sense.
Ive always said the FP of Doom was brilliant, it set up WCW for some great potential storyline (at a time when Sting, Hart, & Luger were MIA, potential only improves when they start returning and getting involved), but WCW so clearly fumbled it all away its almost amazing. The audience didnt buy it either, there was a huge drop in ratings post Double Turn and they never recovered, declining slightly through out the year before bottoming out at years end when Russo came in.