Of course but it takes two to draw. In this case, the babyfaces Luger, Steamboat and Sting chasing the heel champion Flair is what drew back then.
Except Flair drew huge crowds against nobodies in several territories as the NWA champ... people paid to see Flair get his ass kicked. That was the draw. Granted, you want both the face and heel to be draws, but of the two the most important factor is the heel. You can last forever with a heel champion giving up rare wins. It makes you want to watch... after a few years of a super baby face beating all the odds, people stop caring. There is no intensity or drama. Even Hogan started to wane at points and you'd see him drop the title in some fashion from time to time.
What really seems to work best though, are heels that can win cleanly, but aren't afraid to cheat in some matches when they might lose and mix that with a more pissed off, harder edged face that can lose often enough. It lets teh audience hate the heel not only for cheating to win, but knowing full well he really is that damn good to win cleanly and all the while lets them actually connect to the face since he isn't some super clean unrealistic super hero that only little kids can latch onto.
People like to think Rock and Austin were only big because of certain elements, but it was the fact they were dynamic characters that believably could take each other to the limit. Same with HHH, Foley, Taker, HBK, Hart... you could believe any of them winning and you didn't know what to expect day in or day out because there was no "well, he always overcomes the odds...". Austin got his ass handed to him quite a few times... and Foley more than was probably necessary