Yes, I think that the WWE still has a presence other than its Pay Per View events, because the WWE is still very popular among children. Very young children get in trouble at school because they act out WWE. They see the things on WWE and think it's normal. WWE is often on regular cable, and not just pay per view. In that way it has a presence other than pay per view that has a negative effect on young people.
While WWE may not have the same reach as it once did in the 90s and early 00s, children still look up to many of these mainstream wrestlers as heros. Fighters such as The Rock and The Undertaker, as well as many of the other big players, are still common household names. It's not as mainstream as it once was, but it definitely is still there.
There are so many competition shows available now that people are able to relate to more than WWE. People are able to watch singing, dancing, talent, racing, monster truck freestyle... the list goes on and on. These are actual reality competitions and not staged competitions. WWE continues to lose viewers.
After they went to the Pay per view format they lost a lot of their viewership. I think this generation of young adults are more interested in video games than WWE wrestling. They also have lost a lot of their best wrestlers, the ones that people have loved for years. I think it would take a lot for WWE to make a significant comeback in the mainstream.