I'm an MMA fan but I must disagree that it should be an Olympic sport. NO WAY.
My rationale behind this;
The Olympics allows highly skilled, (genetically gifted) athletes, world-wide to showcase their talents in their chosen pursuits.
Unfortunately, MMA does not in most cases represent the high level of skill required to particapate in the Olympics. There are individuals that do posses a remarkable skill set, but there is an EXTREMELY small percentage. (I accept that there are obvious cases who contradict this theory). Some guys go to ground and have no clue what they are doing, or have absolutely NO stand-up whatsoever...look at Brock, UFC heavyweight champion, big, powerful, awesone wrestler, but on his feet, he looks like a fool. Too too too many guys gas after ONE round. I just don't see a high or broad skill set across the board, (barring a few individuals).
Also, you must look at the practicalities....fighte rs get hurt in MMA, in a way that they don't in boxing, due to the various holds that can manipulate ones joints, powerful leg kicks, choke holds etc etc. If Fighter A defeats fighter B in a tough close fight, realistically, is he capable of fighting again, later that day or early tomorrow due to likely injuries sustained?
But, you could say the exact same thing about every sport. To be at the Olympics obviously it would be the top 1% of participants in the world. The way you are judging, for example, if you went to the local YMCA and watched some guys playing pick-up bball that got winded and missed a few jumpers, you would say basketball doesn't qualify as an Olympic sport. And as for the not being able to fight multiple fights, are you familiar with the early UFC's when they were a one night tourny where guys fought multiple times to win it?