No it wouldn’t. Michaels wasn’t going to benefit from a win, and wasn’t hurt by the loss. Hogan could have been hurt by the loss though. Hogan can still be a draw if he wrestles one big match a year, because it’s still a huge deal to beat him. But if he were to lose, it becomes less of a big deal the next time he comes back for a feud. If you want proof of that, look no further than Mick Foley. He would wrestle only on special occasions, and everytime he would lose to the current star. After a while it wasn’t a big deal to have him come back anymore. So why risk hurting Hogan’s drawing power by having him lose to a 40 year old that won’t benefit from it, and also won’t be harmed by a loss?
Hogan couldn't have been hurt by a loss. And the Foley example that you use, nobody cares anymore because he's there every 6 months, it's not just a big deal. Most of those people that you name, wouldn't have benefited from a win, if we're going with your logic. Those guys you named are - Brock Lesnar, Kurt Angle, Edge, The Undertaker, Sting, Lex Lugar, The Giant, Kevin Nash, Scott Hall.
Brock Lesnar didn't really need the win, he was already on his way to being the biggest star already, but the Hogan win helped.
Angle had already been a WWE Champion, IC Champion, Tag Champion, European Champ, and a WCW Champ before facing Hogan. Hogan never did anything for Angle's career.
Edge sure as hell didn't get helped by Hogan. At that point, Edge was just a lower midcarder, who had the occasional big match, which he would always lose. Edge was still years away from his first WWE Championship.
The Undertaker won his first WWE Title from Hulk Hogan.....but lost it only 6 days later to? You guessed it, Hulk Hogan. If anything, Hogan hurt Undertaker's career. The second time they faced, 2002, Taker had already peaked.
Sting had beaten many stars, and had won the WCW Title long before Hogan came around WCW. Sting had beaten Jake Roberts, Vader, Rick Rude, and Foley.
Lex Luger had already won titles in WCW, and challenged for the WWE Title before ever facing Hogan. Luger had fueded with guys like Yokozuna and Bret Hart, before Hogan came along.
Big Show's career started by help from Hogan, but when he entered WCW, he was made to look like a bitch. Hogan threw Show off the roof of the building, only for Big Show to come out and challenge for the title later that night. When they first face, Show wins the title by Hogan, but they added a spin to it so Hogan was never pinned or submitted. The next time they faced 1 on 1, it was in a cage match, and Hogan all but squashed him. Hogan beat Show a couple of months later to win the WCW Title (again).
Kevin Nash? Are you fucking kidding me? Nash had already been WWE Champion, and had been Shawn Michaels' bodyguard. Diesel was an IC Champ. Nash had even main evented a WrestleMania before Hogan came into the picture. Nash even laid down for Hogan lol, you're crazy if you think Hogan even helped Nash's career.
Scott Hall had already been in a fued with Shawn Michaels and won the IC Title in one of the greatest matches ever at WrestleMania X. He also had multiple WWE Title shots against Bret Hart before facing Hogan. Hall's career had already peaked.
and yeah, Hogan helped guys in the NWO like...
Vincent
X Pac
Buff Bagwell
Nick Patrick
Konnan
Big Boss Man
Scott Norton
Ed Leslie
Brian Adams
Stevie Ray