All I know is that Michaels did decent business in house shows as champ. ,
Attendance was up from previous years when he champ for the 1st time. Now, how much weight does that have? You gotta consider that historically WWF always outdrew WCW in house shows attendance, and Shawn and company were doing abysmal business on PPV and at a time were ratings were a big thing, WCW was destroying them.
Indeedwrestliing made a couple of graphics using info from the Observer (clown it all you want, I sure as hell do, but it's the only source we have for this kinda shyt

):
House shows attendace
The whole thing:
WWF & WCW Average House Show Attendance (1991-2001) - chrisharrington