Thinking back now, it's pretty amazing how big it was over here and how quickly the popularity dropped (from memory it had plummeted by the start of 1993).
I don't know what led to the drop, but I would guess that over-saturation may have been another factor. My first live event was a UK Rampage show in Birmingham in 1991, then I attended the European Rampage tour, the European Rampage Again tour and finally Summerslam (at which point I was 14) and all these events were well spread apart. There was another tour over here almost straight after Summerslam and me and my group of friends decided not to go purely because of how close it was after Summerslam and we just couldn't afford it. I'm guessing that we weren't the only ones who felt like this, and what at once was considered a treat or a pretty special night to see the WWF live, wasn't what it once was a year and a bit earlier.
The magazine situation over here also changed rapidly. In the town where I lived in mid-92 you could get the WWF Magazine, the WCW Magazine, all the Apter mags (PWI, Sports Review Wrestling, Inside Wrestling, The Wrestler), Superstars of Wrestling (predecessor to Powerslam) and a bunch of others like Wrestling's Main Event, New Wave Wrestling and Wrestling Eye. Fast forward to the start of 1993 and you were just left with the WWF Magazine, PWI and a UK produced effort called Wrestling Big Shots (which I liked purely for the ridiculously detailed results section). Even Superstars of Wrestling had disappeared off the radar and didn't show up again until the Powerslam relaunch in August 1994.