What may have set Richter off thinking she was as valuable as Hogan was this magazine cover. Pre-Internet the magazines were their own sub-culture of the hardcore fans AND the wrestlers.
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I remember watching it when they showed the title switch on the weekly broadcast and thinking something didn't look right. The pin fall gave it away. I don't know why Moolah didn't just cradle her neck and leg so Richter couldn't kick out. Fan reaction would likely have been different if a shoot pin fall had taken place. Fans were more sympathetic to Richter for losing in this manner.
As far as Wendi Richter's popularity, the reality is, nobody was paying any money to watch her in a match at house shows. She may have been the most famous women's wrestler in the world, but it didn't mean anything. She was never going to headline; she was filler. Yes, she was featured prominently in the Rock and Wrestling connection, but that was more about Cyndi Lauper than Richter. The Cyndi Lauper/Lou Albano relationship is what got all the eye balls on the WWF; it really separated the WWF from the NWA and other territories by getting on MTV with the "War to Settle The Score."
If for some reason the WWF kept Richter around back then, I don't know how long it would have lasted as her popularity was closely tied to Lauper, plus it was Moolah that made the match presentable as her foil, which wasn't going to last. There was a lot of turnover with the WWF roster in the 1980's. I remember a magazine I had back in the day, by I think it was Inside Wrestling with the title "Lost in the Shuffe." It was basically about how supposedly under utilized many of the former main event/semi main event talents were in the WWF. Richter likely would have been "lost in the shuffle" herself once the novelty of women's wrestling and Lauper faded or would have been fired eventually.
Vince McMahon knew what Richter was worth and got the most out of her. Wrestlemania 1 was the zenith of her career. The other promoters didn't use Richter for very long, no matter where she went. Maybe promoters thought Richter out-priced herself, didn't value her or if McMahon couldn't use her, they probably couldn't either.
Looking back, the Crockett's could have used Richter in some sort of story line with Magnum T.A./Tully Blanchard as an equalizer against Baby Doll. In Mid-South/UWF, Richter could have been used against Missy Hyatt in some capacity. Nothing happened though either because of price point or that female valets didn't cross into the realm of female wrestlers and vice versa outside of the occasional cat fight.
Before WWE "Diva's," women's wrestling was viewed as a fad like the midgets, serving the industry best by being sprinkled here and there, appearing in various territories. In a lot of ways women's wrestling was more nomadic than their male counter-parts because of the short shelf-life it had in any U.S. based promotion.
BTW, that referee in that match died the other day. RIP Jack Lutz.
https://www.thesun.co.uk/sport/11434085/wwe-death-referee-jack-lutz/