Also, RIZIN is doing decent and Japanese MMA is making a comeback.
You haven't been paying attention. It's still there.

I don't think going full Pancrase would work out. Wrestling fans/Americans do not have the patience to watch grappling. But I do agree...there's a lot of elements from fighting they can take into the wrestling world.
. I mean they can do the athletics of a promotion like Pancrase, while doing some storyline fukkery that could be a complete balance for wrestling fans. It just seems silly that wrestlers are trying to look like shoot fighters, but not take the grain with the work
.