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WCW had a magic that was only present in the 90's, and it was vastly different to the style WWF had. It basically introduced all the different styles of wrestling to the American audiences, and this was pre-Nitro WCW. It was also coming off the tail end of the JCP/NWA era and essentially felt like a territory promotion with a higher budget and reach.
It was essentially the last of the wrestling territories before Vince completely dominated the business in 2001. That's when I stopped caring and stopped watching altogether until recently. It's also a long-running promotion in a pre-9/11 world, the world where WCW existed is not the world we live in now.