Like you said, house shows and TV's previously to Mania featured both Hogan and Warrior. That's why the numbers for both went down after Mania when Hogan was gone.
To get a better understanding of Warrior as a draw, we only have to look at the Mania 6 buyrate because that was all about the "ULTIMATE Challenge". Warrior was the star of that show and the show was a huge success, drawing 560.000 buys on PPV, another 55.000 on CCTV and nearly 70.000 live at the Skydome.
To sum it up, Warrior is one of the biggest draws in history and everybody that calls him a flop does not understand what he's talking about.
You make a lot of sense.
IMO, the best way to explain the supposed drop in business is the departure of Hogan. He didn't appear after mid-May.
As for TV ratings, IDK about others but both Saturday Night's Main Event shows during Warrior's reign also featured Hogan and IIRC, Hogan main evented one over Warrior, about 3 weeks after dropping the title to Warrior.
Without a doubt, Warrior made that company some serious bread in '90. I mean, if he wasn't a draw, why did he keep the belt for nearly 10 months? He only dropped it because Hogan wanted it back and Hogan didn't want to work Warrior again. He would have rather have gotten from Savage or Slaughter.
The thing people forget is that Vince wanted to run Hogan/Warrior II at WM 7 but tickets weren't selling (the event was announced at WM 6). So, because Hogan was seriously proven, based on his run from '84 to '88, he didn't want to accept that his drawing power was fading. He didn't make a big impact when he came back, either. So, let's blame the new guy that, 2 decades later, we were lead to believe was bat shit crazy and a horrible businessman. And that's the reason this "Warrior was a flop" bullshit even exists, because there is NOTHING to show that business dropped when Warrior was champion, considering Hogan was only gone for 3 months, if that and when there, main evented with Warrior, main evented house shows with Warrior and closed every PPV/SNME Warrior appeared on as champion.
Point is, if Warrior was the problem for the slow ticket sales of WM 6, why didn't they budge when Hogan came back, prompting WWE to use that lame "terrorist threat" excuse? To cover up the fact that Hogan wasn't the same draw he was, hell, 3 years earlier. The story reads the exact same as Bret in '92-'93, who people said only dropped the title because he wasn't a draw but when Hogan came back, he wasn't a draw, either. He didn't appear on house shows in America outside the bigger markets, he didn't appear on TV and he only worked 1 PPV and quit because things didn't go his way.
And for the former champion to not be deemed a draw, after Hogan won the title from them or the transitional champion, he drew the same or even less than they did.
It's just weird how Warrior and Bret got the blame, for whatever reason but when Hogan did the same numbers, it's overlooked. And it sucks for Warrior because Hogan headlining house shows over Warrior, WHILE WARRIOR WAS CHAMPION. But, Warrior gets the blame. That's bullshit.