I agree that hair pulling is one of the best parts of a catfight, at least for me as a spectator. When the girls put their hair up, it's part of the prefight buildup, and adds to the excitement. But it doesn't seem to do much good, since the girls' hair comes down very quickly after just a few seconds into the fight.
I wonder if girls with very short hair have an advantage, since it would be harder to grab by their opponent.