im not getting philosophical, just stating some opinions.
as for why UFC and MMA got big, i dont think big knockouts are the reason..if that was so, then i would think boxing would still be as big as it once was. i mean, there have been some pretty major knockouts in boxing too. i think the reason UFC and MMA got so big is because people got tired of seeing two guys dance around the ring and take home a big paycheck by getting a black eye with 12 or 14 ounce gloves on. UFC shows a fighters well roundedness and ability to strike by punching, kicking, and submission..most guys in MMA take a real beating and actually earn their pay.. well except guys like tim sylvia and andre arlovski(worthless bums with some pretty lame fights lately).
i agree, i dont like seeing the picnics on the ground. but the ref's do a pretty good job of keeping the action going..