Nah, it's just piss poor management over the past few years. They've bombed quickly through every possible great long term angle (Punk steals the title away) or never given it a chance to really get off the ground (Nexus). They've pushed Cena as being more important than any title, they've got so many titles and tossed them around so much they barely mean anything anymore to anyone, they book every up and comer to fail with shitty gimmicks or a losing streak (Sometimes combining the two!) and over the past few years they've lost main event talent such as Edge, HBK, Undertaker, Triple H and Batista without adequately replacing them. WWE hasn't given the majority of people a reason to care for a while, so they don't.
You've summed up a lot of the main problems there Sykes. While the WWE still has it's moments, I wonder if it will ever be truly great again? Either way I'll be a glutton for punishment and keep watching.
I think it can be great again. A lot of the problems are things that can be sorted out relatively simply, even if they may take to do so. And wrestling can be as big as it was too, as you've mentioned and as we all know, wrestling fans will always be willing to give the business another shot.
I have to wonder with the haphazard hotshot booking, whether that's a intentional choice. It would tie into the reports they were looking for writers with experience working on soap operas last year.