I think the Benoit tragedy forced WWE to change it's wellness policy and get rid and dangerous moves, such as chairshot to the head, more than anything. The "PG ERA" would've happen no matter what IMO. You gotta remember that the WWE...F at the time, was PG and had no blood policy way before the Attitude era... During the late 80s to mid 90s.
I would also argue what made the AE era so great was the story teling and Austin/Rock most of the AE classic bits could be done with PG rating now.
Most of the great wrestling moments are actually PG anyway and a lot of the edgy bits of the AE I don't want to see anyway like Foley taking 10 or 11 chairshots to the head or having a crowd chant slut at a women. With hindsight even great matches like TLC at WM 17 should not be duplicated now, Edge had to take early retirement.
Yeah modern WWE is a bit shit but its not due to the PG rating, NXT is great, most of the great matches are PG, the best parts of the 80's and 90's alon with WCW when it was good are all PG.
They could push the edge a bit of PG and make it a bit risque but the Foley hyper violence matches can stay in the past, his health is wrecked. New Japan is mostly PG as well and has way better booking.
The failures of WWE are shit booking and the failure to develop a popular megastar post Rock.Austin that appeals to adults (vs say Cena). Skill wise they have dudes that could duplicate Taker or HBK but they don't give them pushes those guys had or let them do mic work like those guys could do where they could say anything they liked.
Consistently I think NXT is better than the AE and WCW when the NWO was good. It may not quite have the same peaks but the valleys are a lot shallower. I just watched King of the Ring 2000 last night, there is a lot of crap in that era. I would put the average NXT takeover event up against the best of the AE PPV they had a lot of stinkers though.
WWE is basically where they were at in 1995 at least creatively they are making plenty of money.