Austin wasn't exactly in a position to be putting people over though. The difference between Austin's era and Cena's is that WWE vs WCW was the bigger picture. Both companies required a dominant figure to compete head-to-head, WWE had Austin and WCW had Goldberg. And look what happened to WCW after Goldberg started putting people over.
The only guy Austin wouldn't put over was Lesnar and in hindsight it's a good thing he didn't. I was disappointed in Austin's diva attitude about it at the time, but Lesnar still did well for himself without Austin's rub, so it really didn't matter. Fact is, Austin could put anyone over just by having a match with them, but during the Attitude era, no one could be perceived as being better than Austin because it would have hurt WWE. Foley, Rock, and Triple H all rose to the top tier by feuding with Austin so it's ridiculous to say he didn't. Even Kurt Angle furthered his career after the Attitude era by feuding with him.
But as far as the thread's subject is concerned, the Monday Night War ending was the big reason people stopped watching because it eliminated the main sense of realism the product had and took a lot of the pressure off the creative aspects and made them more conservative with their television budget, hence the fact there were no more monster trucks, beer trucks, sports cars and luxury vehicles being destroyed, etc. Particularly in back-to-back-to-back weeks. That stuff wasn't "crash TV" like many idiot fans today think, it was good TV, and the current TV product is low-budget in comparison because Vince is more concerned with money as opposed to ratings which was the main driving force during the best years. Period. And nothing else needs to be said on the matter.