Wrestling right now is like if rap was mostly dominated by the swagless lyrical miracle dudes that can rhyme a bunch of syllables but can't make an entertaining song to save their lives.
In WWE feuds are mostly just a series of rematches with zero stakes. Because there's no motive for anything happening outside of championships, except that none of them matter except for the top championship, and nothing involving that matters either because no one is ever made to look credible outside of one or two people at a time. Whenever it looks like they're about to change course, it always gets squandered and back to the status quo within a month. Any angle that isn't just a series of meaningless matches usually involves some stupid comedy shyt or talk show segments.
AEW on the other hand will do some shyt like two guys have a match, shyt talk each other a couple weeks, and then their next match will be some shyt like "Electrified Barbed Wire Cage Match", just wildly escalated for no reason. It's as if they're using these matches to overcompensate for the lack of charisma and personality that the wrestlers today have.
Speaking of which, most of the roster in both companies have the personality of a doorknob. Most of them come off as soft or as geeks. Characters are bland and lack any intensity. A lot of times they'll try to force it by shouting, sprinkling in the word "shyt" in a promo, or calling the opponent a bytch, but it never comes off naturally. And the ones that do have an interesting personality are often further down the card than they should be. I'm not gonna get into WWE because nothing matters there, but in AEW, there's no reason someone like Hook should be in a comedy tag team doing pre-show matches. The battle royale from last week, you had Yuta, Swerve, Hobbs, and Andrade in the final six, but instead we get bland ass Kyle O'Reilly as the winner. All the in-ring talent in the world doesn't matter if I couldn't give two shyts to see you in the first place.
And on the subject of the in-ring action, everyone claims it's the best it's ever been, but it's rare to see a match these days without the same overused and obviously telegraphed high spots: flips, dives to outside, throwing someone into a barricade, or the worst one of all, someone dropping their back or their ass onto the apron. Why everyone keeps insisting on risking fukking up their back/spine like that is beyond me. It's like all most of the wrestlers care about is getting a "this is awesome" chant rather than telling a meaningful or entertaining story.
TL;DR: Entertainment value is lacking, everyone is a dork, the matches rely too much on high spots. Obviously there are exceptions to everything I just typed.