The live streaming of contests certainly seems a reasonable idea.
The biggest obstacle with bodybuilding becoming a more mainstream sport is that contests are very boring to watch. Unless you know who the contestants are, and/or know what you're looking at, each contestant looks the same to the average person. And when you add in all the dozens of physique guys, the dozens of the women in all their different categories, it all just becomes deadening to watch.
One idea I have thought of is to make the scoring live and show it to the audience as it happens. Think of gymnastics, ice skating, diving, etc. Those are all subjective sports, rated by judges, and the one with the best score wins. Just like bodybuilding. Also, you could have experience commentators, like in those other sports, explaining to the audience what's good and bad about each contestant.