I have talked to a number of people, and each has varying opinions. Some say bodybuilding is a niche sport that cannot be modified. Others says there is always way to make it more exciting.
People forget that a few years ago MMA was declining in popularity before they made some changes. And while MMA is exploding right now (UFC 100 is this weekend with an expo), boxing is declining.
I agree that the first two rounds should be the serious, no bull straight up physique, comparison and muscularity rounds that judge the athlete. BUT then in the evening, the lights should go on, and pro competitors should be able or should want to pose with good music and a good routine. Props should be allowed back in (Toney Freeman with his axe, etc), but done tastefully.
MMA has storylines, they promote the heck out of the two fighters competing against each other with such a frenzied hype. Dozens of interviews before, training techniques, and more.