imo "good wrestling" is a blend of most of these qualities done well, in a way where they don't cancel each other out, perfect wrestling contains all
investment: this can be caused by various factors. you could be "invested" because of any of the following attributes, it's very subjective, but if you're not invested, you're not invested
The suspension of disbelief: arguably more important, while it doesn't matter to some zoomers who get "invested" in seeing flippy dance sequences, or gen x hc fans before them who loved convoluted weapon spots, "good wrestling" let's say, with or without those elements, done tastefully, executes its physicality tastefully by seeming real/plausible, as if nothing happens with obvious cooperation
Ring psychology: specifically a sense of pathology or logic attributed to each move/sequence throughout the match's progression. A why as to each attack, and a "but this, so therefore they do that" element as well.
Raising of stakes: the crude jake roberts quote about wrestling being like an orgasm says it better than i can. False finishes, final stretches, "fighting spirit" and the "super finishers" of all japan, high risk gambits done in desperation, etc. This is where spot fests or sequence heavy or choppah suplex heavy matches can sometimes be done well.
Character work/storytelling (done around the "wrestling"): Basically why you want to see two guys kick each others ass, the character work of austin vs hart and the double turn by the end, or the heat gained by funk before facing flair, and as much as he's a meme the promo work of punk vs cena in the leadup come to mind
