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There's nothing wrong with it taking multiple head drops to take out a wrestler.
But it should only be for your top, top guys and only in high stakes singles matches
The piledriver being so protected in WWE is mainly due to its own rules and the fact that the fans who only watch it and nothing else never see piledrivers. But I don't even think a lot of the WWE audience buys it.
For example, a lot of WWE's fans do play or at the very least HAVE PLAYED wrestling games in the past, WWF/WWE branded ones, in which you can spam piledrivers and all sorts of devastating moves like Burning Hammers and god knows what else, so it still comes across kind of goofy to them I'm sure.