Hogan/Bischoff era tanked the company moving to Monday nights was one of the stupidest moves by a promotion ever and then taking it on the road away from the impact zone increasing expenses massively that the company couldn't recover from it's at a point of a near impossible rebuild. To go from SPIKE tv (Paramount) to the Pursuit channel is a fall of grace.
Not only that, Hogan had full creative control, even though he wasn't an in-ring performer. He once gave himself pyro, for basically doing "This is gonna be a tag match, holla holla holla". Then, he stripped the identity of the company from removing the 6 sided ring (although, by all accounts, the 6 sided ring is rock hard, and the 4 sided ring is like landing on a mattress by comparison), he brought in The Nasty Boys and Bubba The Love Sponge
Then, there was the Immortal storyline, which really didn't need to be done again, because WCW did the nWo, WWF did The Corporation, ECW did The Network, then WWE did the Alliance, and then WWE did the nWo, it's been done to death, and what people were crying out for was something different, and instead they got what we've already seen, but of a lower quality.
Not only that, look at all the factions that TNA had going just as Immortal was kicking off... The Main Event Mafia, The TNA Frontline, FOURtune, The World Elite, LAX, EV2.0... there's fuck all need for Immortal on top of that. Hell, Immortal had factions within the faction... and then to make it all the more ridiculous, they had Immortal with their nWo rip off theme, they decided to add another nWo rip off in "The Band"
Then you have Russo compounding the situation...
When they managed to chase of Bill and Doug, you know they fucked up.