I don't remember Riggs specifically; he might've been a bit before my time, but I remember the era. There were, just like there have always been, young up-and-comers who were touted as sure future champs.
The difference between that era and today is that we understand what makes a great MMAist better now. Back then, a guy who was a good standup fighter who had some semblance of a guard game was considered a possible future champ.
You have to realize that back then, most guys were very one dimensional and our idea of a well-rounded fighter was Muay Thai + BJJ, and we figured a young guy who could do both (like Riggs) was a step ahead of the game. And for the most part, that was true then. Wrestlers mostly sucked at striking and wanted it on the mat, but often weren't comfortable against a decent guard player. So we figured the Muay Thai guy would have better striking because, hey, MT > everything else (yes, we really thought that) and if the wrestler took him down, he'd be shut down or subbed.
So we got guys like Brandon Vera and Riggs who I guess you could say were our Conor/Sage type prospects. But our eyes for great fighters are better than back then. There are loads of well rounded guys now. To stand out, you have to be more obviously special, and more memorably dominant than before. It's not enough now to look like a complete fighter on paper. You have to actually go out and win, and look like you'd be a tough fight for anyone, even the guys at the top.