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Define a lot of people? the whino's drinking out of paper bags WCW gave tickets to free so the arena's wouldn't look empty?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.
WCW's finances have since become public record and its pretty clear they were always losing money due to lack of attendance at arenas from their inception until Eric Bischoff turned it around briefly.
Flair was a routine man who did the same match every night no matter who his opponent was even in his prime, and he was known as such. It worked before cable television and reruns and PPV when folks could not watch everything, but his PPV drawing power was extremely limited. His short original WWE run was the era of a huge ratings drop and loss of interest in wrestling