Forgetting for a second about what people think about the current product do you think it’s possible that Raw and Smackdown’s ratings are declining because the WWE Network is rendering Raw and Smackdown obsolete? Historically the longer/higher quality matches tended to be on PPV rather then on free TV. Now with the brand extension you have 20 "PPV’s" or "Network Specials" or whatever they are called per year. Furthermore where in the past each PPV would average 30 dollars per show, you can now access all of them on the Network at a relatively dirt cheap price, (not to mention more past content then you could ever hope to consume.) On top of everything else the video package people are almost "too good" at their jobs in as much as you can get an easy grasp on each feud without ever having to watch Raw or Smackdown.
RAW is too damn long and it’s burning out the audience, simple as that. They’re losing people year over year and they’re not coming back, and now it’s an impossible barrier for new fans to start watching because all the accessible stuff is behind a $10/month paywall. If I’m a new fan and I just wanna watch some wrestling, I’m far more likely to check out the hour-long ROH show or Lucha Underground to start, I think.