I remember the wrestling wars very well. The WWE was king, having bought up every territory. So when upstart WCW, which had really been seen as somewhat of a joke, started beating it, week in and week out, well, it was a big deal. However, it was not to last.
This series tries to lay blame on one single entity that was responsible for the eventual conquering of WCW by WWE. However, it becomes very obvious that it was a host of factors and people responsible for WCW's death. You had changing ownership at Time Warner that looked down on "wrasslin." You had an incredibly dysfunctional organization put together by Bischoff that was creating a business model that really could not be sustained. A roster of "haves" that looked down on the "have-nots" and cared only about themselves. A clueless Russo that tried to make it all about him. So many factors.
In the end, you are free to make your own opinion. Personally, I think lack of experience killed WCW. The people running it, like Bischoff, didn't really understand how the business worked. House shows build the brand, having your people, all of them, out there working cities. WCW just broke the bank for their TV show. It got ratings for awhile, but it wasn't sustainable and couldn't last forever, nothing does, except WWE that is.