Honestly I'm torn between the true sport reasoning vs entertaining reasoning for who gets cut etc. I like seeing good fighters stick around even if they're boring cause they're really good at some aspect. I hate seeing exciting fighters get cut when they keep losing cause they're great to watch.
But anyway, for those that lean heavily on "true sport" aspect, take a look at boxing and especially the heavyweight division. The Klitschko Brothers specifically - they are tremendous fighters but not all that exciting to most people. When is the last time the heavyweight division in Boxing was headline news? Hell for that matter, Mayweather's fights suck to watch if you ask me with all that prancing. If you're only attracting boxing or MMA purists that's a small percentage of fans. The NFL, MLB, NBA, etc don't only attract die-hards of the respective sport. For MMA to be as common as those leagues, this is unfortunately part of it. The bright spot for those smotherers, lay n pray, or pitter patter point fighters is that they can keep winning and won't get cut. Or, develop a new damn aspect maybe?