I think that's really a stupid and out dated way to judge people. You aren't doing 500 squats and running 5 miles in a ring, then doing 100 lunges followed by 200 push ups and another 3 miles. You're telling me that Hugh Morrus can do the cardio test? Or Taker? Or HHH?
It is in some ways, but it's mostly about the "showing up in shape" thing. As I said, if they fail the test badly, WWE feels insulted. It's to "weed out" the people that aren't taking it seriously, mainly.
They put a lot of emphasis on cardio for the matches, they train that heavily in the performance center. And I mean, guys like HHH and Taker can be excused because they're old and semi-retired. I doubt they're pleased with Batista being in poor cardio shape, either, but he's a star so he gets away with it.