I'll take good action over production values any day. That being said, I don't think TNA has really been putting on better wrestling than WWE any time recently. While I think they're better than they were a year ago, their action pales in comparison to most of what's out there.
"What's out there" is likely TNA's biggest issue right now.
See the argument a lot that "TNA apologists and fans are always bringing up WWE!" and that's obviously true... back merely a few years ago when there was no Watchwrestling and you had to actively go find Ring of Honor or stream indy shows and (at least I) had to work hard to find stuff, it was largely TNA and WWE on TV that we were able to see, and so often TNA would have that one thing that helped it stand out against its competition.
But now, back in the post-Russo/IZ era of 2014 when TNA was doing a bunch of shows that took... hmmm... about an hour to write, if that, as the TV product was obviously not a focus for the company (see the BFG build) and the characters became more and more vanilla, we saw Sami Zayn going through this personal struggle of scratching and clawing and trying to get over the hump and accomplish his life's dream. When TNA had possibly the first "wrestling offseason" ever as they were kicked off of Spike TV, Lucha Underground debuted and presented all the amazing, ground-breaking things THAT show has done for us... then TNA showed up like a kid who brought a Sega Genesis to a LAN party.
So instead of the "trainwreck" you used to get, TNA's still the consistent, solid two hours of wrestling it's been without Russo, but while we're rushing to our friends or forums or groups to talk about Raw (since it's still #1), NXT, Lucha Underground, Ring of Honor... TNA just doesn't seem like an important part of the business any more.
And I'm not even sure how to change it... Yeah, Awesome Kong returning was cool and after the first week we started buzzing about that, but the buzz didn't last long... EC3 and Rockstar Spud tried (and are still trying) to get something going, but... They're trying with guys like Angle and the Hardys but that's a mess and you know why...
And as you say, the "good wrestling" TNA used to hang its hat on is suddenly something you can find every day, and usually much better from all these other shows. You can always expect a PPV-quality match on Raw, to the point where we get numb to them and it devalues the PPV's themselves, not to mention the other three shows also hang their hats on good wrestling... and as a guy with the Impact award who still "tries" to watch Impact every week, often I'll forget it's on until Prince tags me in the ratings thread, haha.
What can TNA even do?