Except the persona he is playing isn't the "bad guy" or "villain" depending on your perspective. That's what you're missing. He's latching onto a lifestyle that many young men want to live, but they can't, and so it inspires envy. He's rolling that up into a political mindset which triggers only about half the country. The rest find it heroic.
The people who find this villainous disproportionately belong to a lower socioeconomic class, and also a younger demographic. He's deliberately trolling a specific portion of the fan base, and in the fight game, this happens to be a disproportionate portion of the fan base.
When I was a kid two of the "heels" were Ted The Millionaire Man Dubasi and Big Boss Man. Two great examples. One represented the out of touch, callous, wealthy elites. The other represented the authority of the state. Is being wealthy a crime? No. Are policemen "villains"? Certainly not, but they're not liked by everyone, and disproportionately resented by certain groups. Wrestling taps into that energy. They foment it, stir it, manipulate it, redirect it, release it, and ultimately profit off it. It's all quite symbolic, and notice the power of these symbols in that theater: Ted's tuxedo, Boss Man's blue uniform, and Colby's...red hat.
It's a form of theater that is something of a gas valve for social or political friction. No, it's not opera or ballet, but it isn't made for the people who attend operas and ballets. Just because it's less sophisticated doesn't render it less significant, and it's complex enough that these truths elude many-- including, it seems, yourself.