Dolph'sZiggler said:
Fun idea, terrible rules and awful execution. It was dreadful.
Cornette explained in a podcast once why he thought the idea was shit and how he tried to talk the creative team and Vince out of it but they didn't listen. I agree with everything he stated. Nobody wants to see boxing on a wrestling show, unless it's just a one time match. Not all wrestling fans are boxing fans, and those that are want to see wrestling or something related to it (promos, segments, etc.) when they tune into a show like Raw, they don't want to see wrestlers who aren't professional boxers try to pretend they are.
The other issue was that even if it was real (and it was), since everyone knows wrestling is fixed, people will just assume that the BFA tournament was fixed as well and thus have no interest in trying to see WWF pass off incorporated parts of a real sport as 'real' on an otherwise predetermined show.