Don't know what they were thinking at that time. It was a complete clusterfuck situation. All those old timers were made to look like trash and the next bunch of guys replacing them were not convincing enough.
Focus should have been on putting Hogan against the likes of Steiner, Booker T, and DDP in more meaningful programs. Hogan still had something to offer at that stage i.e. make new stars and draw bigger audiences which WCW badly needed then. Guess they all realized by early 2000 that there was no turning back.