I think if you only take a passing glance at it, then it can be seen as daft or whatever.
However, once you start to see how it all works, the writing, the performances, the way the matches 'tell a story' and the amazing amount of physical work the performers have to put in to it (plus promos in front of a live audience that never skip a beat) then you get a better understanding. How anyone could watch something like Beyond the Mat or the numerous other documentaries and not come away with at least a grudging respect for the entertainment is beyond me.
I probably mentioned this before but I used to do a shit load of writing for various sites around the 97 - 2003 era and the pretty exhaustive research I used to have to do (Smarks know everything and pick you up on every little detail) you begin to realise what a strange, cut throat and yet sometimes brilliant business it all is.
So yeah, 99-2001 = Amazing times for the fans.