I disagree, people don't really appreciate it or even always understand why the effort was made in the first place. Ryan Hall has some beautiful leglock entries , including the one that he finished BJ Penn with, but he is considered boring. That sort of thing, at least in Japanese MMA, used to be considered spectacular. People used to have some appreciation when fighters sought to finish opponents through the application of particularly, dynamic or creative techniques that required a certain level of skill to administer. Stuff that would be the equivalent of viral back in the day isn't appreciate in this day and age nearly as much. I think part of it is because you have mainstream journalists and commentators appraising it, rather than a core of relatively educated commentators and fans, and thus what they appreciate is just going to vary.
I also think the nature of the judging and the refereeing affects things. Takedowns and dominant ground positions aren't favored in the same way, stand-ups come quicker and certainly strong submission attempts don't wrack up points like they had in some other federations in the past (in Shooto, if you had a submission locked in, but your opponent escaped, that was a "catch" and in essence gave you a 10-8 round). There's also what styles are marketable, encouraged and rewarded. You mentioned Machida, and actually, a lot pressure was put on him to change his style and to stand and trade more. And to an extent, he gave into that.