Alot of it has to do with their booking & execution.
1) Bad Acting = Alot of the backstage segments in WWE these days are just cringe worthy. Either let them speak for themselves and create their own material or give them a damn acting coach. You can't expect these guys to act out scripted dialogue word for word if they have no experience or training in doing so. And it really hurts shows & promos when I just don't believe a word of what the guy is saying.
2) The "Comedy" = It frightens me that Vince finds things like Leprechauns, The Cobra, and the Compu-GM to be funny or compelling television. Whenever they do comedy bits, it is so horribly executed with absolutely no sense of timing or skill. The Comedic matrial is dreadful most of the time. Now an example of great comedy in wrestling, to me, was The Mountie being carted off to Jail at Summerslam 1991. It was believable that this loudmouthed punk was upset over his situation, and everything that happened seem to happen naturally. If WWE was doing it now, they'd have an awkward pause in between "jokes" in order to wait for a laugh that will only come from 10% of the audience. They'll have over exaggerated goofball mannerisms & expressions, so the Cops would probably mug for the camera.
3) No Long Term Planning = When WWE pulled the trigger on Edge/Hardy just a couple weeks after Hardy's return, when they had Punk drop the title to Taker, or when they rush feuds to gimmick match theme PPVs, or rush programs to a conclusion, or seemingly pile on stuff to Nexus in a vain attempt to keep the story going, it gives me the impression that WWE doesn't have any kind of long term planning or storyline care. Like I said with Nexus, I feel like they go "OK, how can we keep this thing going" once a week, as to already knowing where its going to go. ook at tonight's Raw. They rushed Miz & Morrison for the title to TV, again, displaying no kind of plan or long term care put into any of it. Usually if there is a long build up to something, its because a legit injury somehow got worked in and it kept one of the guys off TV for 6 months anyway.
Look at ROH, and look at what they did with Steen & Generico. THAT is how you do a long term storyline/feud. True ROH doesn't operate under the once a month PPV format, but WWE (and TNA as well) shoot themselves in the foot all the time anyway by blowing good stuff on TV. Now look at Hogan/Sting from WCW 97. THAT is how you do a long term feud. They found ways to make the feud an exciting part of their television program, and they managed to hold off on the match for over a year.