a lot of the thrill went overboard for me too.
I think it has a lot to do with the UFC basically being the only available source for top MMA bouts and secondly with the fact that there are no seperate styles anymore.
I think the UFC made one HUGE mistake. And that is the entertainment factor. PRIDE had it and so did DREAM but the UFC never went down that road. All PPVs are basically structured the same. It begins, you get a rundown from 2 guys and the fights start. walk in, fight, interview, next one, walk in, fight, interview, next one.....
Now, fights should always be the core of the an MMA event for sure. And the fights should be "real" of course so I am not talking about MMA going pro wrestling BUT in the end, an MMA show is also entertainment. You guys pay a shitload of money in the US for 1 PPV and honestly I don't think just showing the fight is going to be enough to maintain MMA as a global phenomenon throughout time. There need to be some kind of connection between fans and fighters. the FOX shows were better IMO since they at least gave some insight as to WHO is actually fighting there. Who is this person? Were did he/she come from? Leaving all these things aside and just provide a heavy metal highlight reel isn't enough.
My second point was, there is almost no style vs style anymore. everybody is doing the same thing now. almost everybody is replaceable stylewise. Since MMA is basically evolving over the years to a style that will only be effective in that very environment can make it a little boring. Not saying there aren't ANY exiting fights nowadays but the overall feel is just different.
In the end, UFC missed a step. They didn't evolve with the sport. They still have the same presentation (apart from the intro....)and the same rundown they had 10 years ago and that just became stale. You need to make your product desireable again to the public. you need some sort of change and some small degree of entertainment to take the masses in. I also predict a major boost for pro wrestling for 2014/15. Also due to MMA, wrestling lost a lot of viewership, I think now the same thing happens the other way around.