Bruno Sammartino being a huge money draw in the Northeast for years at a time pretty much shoots "the money is in the chase" right out of the water. For decades, the Northeast was built on a dominant babyface as champion, and it drew well.
It's all dependent on the area. Most NWA territories were built on the chase of the local guy going for the World Title. Dusty in Florida, Lawler in Memphis, the Von Erichs in Dallas, etc. A well-built chase can draw, but so can a dominant champion if the fans have a reason to care.