Except that it's still happening.
Kevin Gastelum is currently one of the best prospects in the UFC.
This is typically how he looks during a fight (when he's not missing weight):
Mark Hunt, who I shared a picture of earlier, just had a title fight, and has been smoking people that are in way better shape than him. And when he does lose, it's typically not because of his weight.
This isn't just Royce Gracie showing how ignorant the majority of the world was to the world of grappling in 1993. This has been a thing for a long time now, and the mentality that it is unreasonable to believe that a guy Punk's size could beat up 99% of the guys in the WWE is straight up archaic.
Also, even if you still want to believe that he looked like shit, so he should have been held back, the guy brought up in the podcast that he was physically falling apart due to the WWE's lack of giving a shit about his health. If they gave him time to recover and properly train before coming back, then you best believe he would've came back in much better shape.
Colt's schtick is to put all of his advertisements in the beginning and ending of his podcast so it doesn't get int he way of the interview. Those first 8+ minutes aren't all advertisements also. He usually talks for a while about life on the rode and shares some words about his guest.