Speaking as an "Attitude Era Smark" or as I prefer "fan," I can say I certainly don't believe blood or swearing makes a product watchable, I personally think CZW is garbage. However if done right and in proper moderation, it can make a product more enjoyable as an adult. I won't say it's need though, as I loved WCW and it rarely had wrestlers blade. WCW was also PG programming for most of its run and I thoroughly enjoyed their product.
The difference with WWE is they don't even book to the full capabilities of the rating. It's geared far too much to children and comes off more G than PG.
But their biggest program is the writing as others have pointed out.
WWE has lost track of how to properly build an angle or how to get superstars over in the right way. All in all the PE Era is failing in every way possible.
CM Punk is still GOD despite all this. And AJ Lee is my Queen. Long live the Queen.