There's also a fundamental change in how wrestling is presented that for some reason goes unmentioned. When I was growing up, Ric Flair would talk shit and then get embarrassed by the babyface challenger on TV. More often than not, he would win the match but since it was predominantly a house show business, most of us only saw the babyface show up the heel on TV. Unless you paid for a ticket or bought the show when the VHS dropped (which most people didn't since them bastards were expensive in the 80s) you'd almost never see Flair take an L. Even on TV, most of the time he was in a match that wasn't a squash we'd get the TONY WE'RE OUTTA TIME before the finish.
Nowadays we see the heel talk his shit, and even if the babyface gets one over in the build, everyone sees him eat a loss at the end. Since the Monday Night Wars demanded PPV quality matches every week, it's been infinitely harder to create a babyface since you're going to see them losing on TV a ton. The only person in history who could lose frequently and not really lose popularity was the Rock, since it takes otherworldly levels of charisma to not get hurt by that.