If you show a female a magazine picture of a guy onstage most likely you will get a thumbsdown, but let them see dude in a club or out at the mall....watch and see what happens.
As far as things going downhill, look at the trend in the television coverage for proof of this. Bodybuilding competitions used to be on ABC's Wide World of Sports, the Mr. Olympia was on ESPN (not live but it was still televised) I even remember watching the 1993 Nationals on TV...Arnold Classic came on NBC one year- 1993 maybe? Remember American Muscle Magazine on ESPN?
Now it's not on period, because you can't sell advertising because there isn't enough interest.
The Arnold came on TV in 1999. And even then, it was chopped up, severely edited (everyone posing to dubbed rock music, even though it was obvious that some, especially Vince Taylor, were using hip-hop/R&B songs), and aired LONG after it happened .
As for ESPN, the bodybuilding contests came on TV, months after they happened; the footage was chopped to the point you could barely hear the music; and the contests aired in the wee hours of the morning.
I think fans would rather see a contest online LIVE, or on YouTube 24-48 hours later than wait for months to see it a 3:00 am.