I couldn't agree more. The real appeal, at least for me, is seeing two women locked up and struggling for an advantage, particularly when they are both on their feet.
Old style pro wrestling came close, as do some of the matches on the Indie circuit, that can be viewed on Youtube, but neither really captures the true, intense competition of two women really going at it. Take the WWE women's division (please take it) for example. There's no wrestling. It's simply acrobatics. While I give the women credit for their hard work and effective split-second timing, it ain't wrestling. I'd much rather watch two women equally matched going one-on-one on a mat.
In regard to catfights: as I've said before I'm no fan of real fights. However, when two women are evenly matched and not likely to harm each other, I find the intensity of their confrontation very attractive. That's why I've always enjoyed most old movie catfights - lots of intensity, hairpulling, body contact, but nobody gets hurt.
That's my two cents.