The "soap opera for men" concept is a quick way to summarize it.
For me, I think the draws are:
-It's scripted competition. It's a never-ending ongoing story with lots of twists and turns and a defined structure and lots of characters interacting and developing. All of those appeal to me.
-The pageantry. It's not something I think about much, but there's just something special about your favorite guy's theme blasting through the arena as he enters and poses to a cascade of pyrotechnics, ready to give that other guy his comeuppance.
-Analyzing and debating with other wrestling fans, and coming up with your own ideas. It gets neckbeard-y really quickly, but I think a lot of the fun is in taking a critical eye and discussing what you would do differently if you were in charge or what you did or didn't like about the way things play out or what you think will/should happen next. Heck, two games on the shortlist for my favorite of all time are wrestling booking sims, where you can take charge of WWE or whoever you want and run them YOUR way. I don't think I'd be as into wrasslin' as I am without that to hold my interest. For whatever reason, it's a medium that lends itself really well to that kind of thing. I think that's part of what I'm trying to say with "defined structure."
-The action can be hokey, sure, but when it's done well it's really awesome. Same for the storylines, really. And the athleticism and skill required to pull it off is really impressive when you stop and think about it and learn a bit about the industry.
-It's just plain ol' veg material (unless you get really super into it). If nothing else, it's a guilty pleasure that you can flip on and zone out and enjoy.
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~Tommeri Uranius Bombaldi the Fourth, esq.
If you can read this, I'm probably posting from my phone or something!