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No. Sports are entertainment. People attend athletic events to be entertained. Saying that MMA is about seeing fighters testing themselves against a variety of opponents is like saying Movies are about seeing actors test themselves in a variety of roles. Maybe SOME people feel that way, but 99% of human beings watch movies and sports to be entertained.
MVP is awesome, and great for Bellator. He's the kind of guy that gets an average fan to watch his fights because win or lose, you know something wild is going to happen. It's people like that who grow the fanbase of the sport as a whole.
I think the takeaway here is that the meaning and purpose of an activity is often different for the participants and for the spectators. They both get involved for different reasons and all those reasons are valid.
If we're talking about MMA's existence though, at least in the modern era, it exists as a business. The very first UFC was put together so that the Gracie's could expand their BJJ business and so that their partners could make a little money off the events.