1) Age isn't really relevant. If fans are still buying tickets and merchandise, PPVs and going to house shows
2) Actually it was smart for business, cause they drew money. They only stopped drawing money because their angles were terrible and booking got dumb, and WWE was putting on a better product. Not cause Hogan, Sting, Nash, Goldberg, Flair, Hart were on top. Aside from Jericho, the guys fans were begging WCW to push (Guerrero, Benoit, Malenko, Saturn) wouldn't have stood a chance against The Rock, Austin's, Foley, Vince Mcmahon, Undertaker, DX, etc...they didn't have the charisma, the promos skills, etc to stand up to the Attitude era guys.. (Eddy developed those skills in WWE, he was great in WCW, don't get me wrong. But as a upper mid carder. Not a maineventer)
3) I do agree with your last two points though