Every fighter has fans. It's a matter of how many fans are willing pay to watch him fight. His PPV numbers are varied starting from 150k to 250K which are all hardly doing well.
Yes you can argue that his PPVs don't sell well, but that's not always an accurate way to gauge how popular a Fighter can be or is. If he regularly does 150 to 250K that in it of itself is way more than Nunes is able to draw. The only reason Nunes vs Tate did over a million buys was because of how heavily promoted it was plus Brock Lesnar, DC, Erik Silva, Jose and Edgar, that's a stacked card. Which brings me to my next point.
Max Holloway's PPV' don't always do well because of a lack of promotion, and his sometimes weak undercard, I mean do you see his 222 Card? Who the fuck are half these people, Max Holloway like any other fighter would benefit from an overall stacked card and good promotion.
You'd think if Max and his win streak were nearly as promoted as Francis and his Knock Out power, he'd get close to 500k or 750k buys. But none of Max's victories and accomplishments are nearly as promoted as Mr. Ford Escord. He's on a 12 fight win streak, and has back to back victories over the once dominant Champion Jose Aldo, where's the mention of that? Francis KO's chinny Overeem and he's built up like a Superstar, Max finishes Jose Aldo twice and there's not a peep from Dana.
You can't point the finger at the fighter when the promoter has all the ability to help certain stars draw, and where Dana saw value in N'Gannou and not Holloway is not Max's fault that his PPV's don't do well. If the machine was behind him and started promoting his fights, and his opponents, it would create more buzz, and this could be said for a lot of Champions and fighters but I've never seen someone else besides DJ, that constantly goes out there and dominates but never gets the right promotion.
Max Holloway has a good connection with the fans, they like to hear him talk, he's got a unique style and personality, and while you can argue that it's dorky, he clicks really well with the casuals and has the respect of the hardcore fans. He's a star, but the UFC isn't putting as much promotion into him as they could.