It has always been about good storytelling. Back in the old times, "i can whoop this guy" was all the story you needed. That is still the best story. But there are wrinkles now. The UT/HHH match had lots of history. Triple H's face after UT kicked out of the Tombstone was fantastic.
I think technology changed rasslin'. Duh, right? Back when you had a house mic going through a PA, each guy talks, they rassle, bingbangboom.
Now, with jumbo HD screens everywhere, you can see HHH's face during the match.