I think the most shocking moment was Hogan joining the NWO. At the time, Hogan was a babyface who was beyond stale, worse than Cena, worse than 2017 Babyface Roman. So stale that Vince tried to pass the torch to Ultimate Warrior though it didn't work out. When he went into WCW, he was booed despite being the biggest babyface in pro wrestling. Then, his heel opponent (Arn Anderson) was cheered for using his finisher (Spinebuster). Hogan was beyond stale.
Hall and Nash went to WCW alluding to a war. They teased the idea of being from WWF, but due to legal letters, Eric Bischoff went on TV and booked them in a match stating "...since I confirmed you are not working with Vince McMahon", which begged the question - who then? Hall and Nash promised a 6-man tag team match and the third man their leader. Lots of rumors emerged. When it was Hogan - babies cried, fans trashed the arena and ring, a fan jumped into the ring (and was beat up by Hall and Nash). Old ladies were mad and felt betrayed. It had a bigger impact. High schools were full of NWO shirts. When he came out, I suspected immediately he was the third member. Early in the match, Team WCW had a guy get injured and Hogan coming out was presented as though he were coming out for WCW. When he joined Hall and Nash, it was a monumental moment in the final years where there were still some people who believed pro wrestling to be real.
WCW died before that, when they screwjob'd Sting. It was supposed to be Sting overcoming and winning the title, but at a cost -- and in a clean way. Cody was too.
Ratings for RAW were up, so we will see. People will be mad on the internet but the general audience of their product will continue to watch it. I think they're at a near critical low where they won't lose too many more fans because they've lost about all they can lose and their awful product has kept a minimal audience.
It is sad to see the only prevalent examples of the art form of pro wrestling are terrible.