Analyze This: This is the Mask!
Masks are the mainstay of Lucha Libre wrestling though it went to there from North America. To my understanding, Masks were brought in N.A to protect the identity in kayfabe era of a notorious heel or babyface so that they can leave unidentified and undisturbed other than having more than one wrestler play the character and vice versa.
Even Now-a-days, Masks are a thing of more value than the belt in Lucha world. But in North American wrestling scene, it lost it's significance. In spite of it, there has been mask vs mask or hair vs hair lucha style matches every now and then where having a tonsured or a buzzcut hair is nothing to be ashamed of or losing one's mask is kind of good for gaining popularity and becoming a famous known face.
Why do you think there are still such matches being held and there are still Lucha style matches (Vince vs Trump or Angle vs Edge or X-Pac vs JJ or Vader vs Kane) being written into storylines and masks being put on and off on wrestlers like Kane/Mysterio though they have been seen without masks? How much would you get invested in say, Mask vs Hair match between Kane and Bryan (or any two guys) today for the Lucha aspect of it?
Don't fear the axe, fear the man