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It's literally just wrestlers being lazy.
At best, all it does is make the match slow down. When done poorly, it makes the wrestlers look like complete pain-compliant pussies who belong nowhere near a combat sport.
"Selling" means you pretend something hits harder than it actually does. Laying down and writhing for ninety seconds doesn't make the impact any harder, it just makes the match screech to a halt as the audience falls asleep.
Wrestling "fans" only appreciate this because the wrestling authorities tell them to and wrestling fans are the dumbest fucking people on the planet beside (maybe) wrestlers