Considering the rigidly scripted nature of modern WWE, the idea of a show that is unscripted and almost always ended up with multiple people breaking kayfabe and nearly everyone bytching about/making fun of booking and trying to shoot their own angles, and a host who regularly complained about his contract, bosses, and health concerns, I buy that Vince would think it's not good for WWE.
Then you add in the additional costs to air it live and all that.
It was fun while it lasted, but nothing really ever came out of it it on TV besides Miz vs Bryan, which could have no pay off anyway. Nerds acting like it's some brutal blow to SD and an insane move to cut it are mark ass marks at this point.