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There was as brief time period when it had a lot of momentum right when it started. The notion of a small group of wrestlers without any promotion or promoter behind them selling out an arena and it happened. People were gung-ho for it because WWE having competition might get them to move their asses again and after the fall of TNA, WCW, and ECW, people were starving. Any semblance of an alternative, y'know? This was when NJPW was really hot.
It allw ent wrong when they weren't trying ot put on a viable product or produce new stars as much as the VP's wanted to recreate their PWG shows on a national platform. It went to shit when they hired trannies. It went to shit when they lured Omega away after his contract was up and it soured his relationship with not only New Japan but the country of Japan itself by barring him from coming back. There was so many botches and they keep piling up. A good portion of the roster don't even resemble wrestlers, just marks from the front row that got in the ring. When Jericho joined, it gave the credibility of being a viable alternative with his star power, but he more or less got behind it because he was having more and more problems wtih Trips taking more of a prominent position and he got into on it because it gave him to the excuse and reason to be an even more fat and bloated alocholic and still get paid egregiously for it. It went to shit when the owner was revealed to be a cokehead autist nerd with rats nest for hair blowing through his fathers' fortune and looking like a spoiled brat doing it while resembling a toddler playing with toys. Its great indy wrestlers now have another platform and its important they get paid, but they aren't there to get or be ready for TV or improve because no one does.
So it may have been shit from the beginning. TNA was shit for a very long time but it at the very least was trying to resemble and establish a wrestling company and it managed to give us some kino along the way. AEW has yet to.