Legend in his and many people's minds sure. Longevity helps that narrative.
Tell me, how many PPVs did you purchase because you just had to see the latest iteration of the same old match that slimebag wrestled? Chops, WOO, fall face down, WOO, try to go to the ropes...etc.
Sure, beating up his own clothes promos were entertaining, but who actually paid to see that horsecrap?
He stuck around forever for all of WCW's lowest moments, was a big fat nothing in WWF/E beyond his initial push.
Today, he is nothing but a pathetic vile sleazebag of a man that hasn't quite had his Ron Jeremy (another "legend") moment yet.
A lot of people paid money to see Ric Flair. You cannot deny his draw power in his prime. I'm going out on a limb and assuming you've never seen a Flair match in his prime. I'm not talking about his out of ring antics, just talking about within wrestling and he is definitely a legend there.
And he was only in WWE for a year in that run and did some pretty memorable things.