What Sunflower said is true. The reasons for liking wrestling are varied, and so are the promotions and performers that put on the shows.
For me, personally, a huge part of it is just appreciating the athleticism and psychology involved in putting on a good match. A good buildup can be just as entertaining in it's own way, but I'll always be the type to get behind a performer that has the intelligence and instincts to properly pace a match, and the technical ability to make it look spectacular.
As much as many of us IWC (Internet Wrestling Community) fans might sometimes scoff at the term "sports entertainment", wrestling really is more performance art than sport. The goal of the athletes in every contest is not to win or lose a match, it's to get the crowd invested in the match, and in the role that they play in the match. Just like any other performance art, the ultimate goal is to entertain.
The truth is, outside of a few questionable folk, of course everyone knows it's fake. And yet, that just makes it even more incredible to me how a great match can elicit such primal reactions from a crowd.
We all know they're trying to get us to react a certain way. The amazing times are when they manage to get the reactions despite ourselves.