Rin, I respectfully disagree with you as to the percentage of guys who get sexually aroused by watching women fight, although it might depend on the generation of the guy who is watching. I think the percentage of old timers who are aroused is higher than younger guys.
Guys like me, old geezers who are baby boomers grew up watching women and girls fight differently than they seem to do today. Back in the "good ole days," the fights you would see on tv, in the movies, or even in real life were catfights; girls pulling hair, kicking, biting, scratching, and rolling over each other on the ground. Very rarely did clothing ever get torn to the point of seeing bare breasts or exposed panties, but the thought that you might get to see it added to the excitement factor. It was and still is a huge turn on for me, and yes, sexually arousing. I honestly can't explain why I am excited by seeing girls fight, but I am. Perhaps I would be a good research subject for some PhD psychologist candidate working on their doctorate. Any takers?
Nowadays, girls fight more like men. When girls do fight, they punch and if they start to pull hair, the crowd yells at them to stop it. If they fall to the ground, some nitwit in the crowd inevitably pulls them apart, so they can stand up and start again. This type of girl fight is not a real turn on for me, but it seems it is what guys of the younger generation want to see. This is what I mean when I say I think it might depend on the age of the guys as to whether it's a sexual turn on or not.
As for the demise of catfight production companies, I think a major factor in the disappearance of some of them is the fact that anyone wanting to see a catfight nowadays only has to look at youtube, and other social media sites. It's free as long as people continue to post them. So why pay to see something you can see for nothing? I'm not justifying it, I'm just saying I think it's a major factor. If guys like to see two models rip off each other's clothes, and watch them roll around on the ground topless, then the production companies that produce that kind of stuff will always have a place in the market. But for outfits like Crystal that produced actual fights between women, I think the fact that almost everyone on earth has a phone, and records fights as they happen, and posts them online, is a major reason they are no longer around.