I am going in a slightly different direction to say both Gorgeous George & Muhammad Ali played huge roles in commercialising the entertainment aspect in sports & pro-wrestling, Ali was a huge wrestling fan before it became popular globally and went to shows to see Gorgeous George who was a villain, he couldn’t understand at first why so many people showed up to see a guy talk so much trash and he started employ this very early in his youth, Jack Johnson caused the white population to be insanely outraged with his actions given the sentiment towards coloured people at the time, and while things slightly improved, Ali had to overcome similar obstacles and the fans/media were always molten during the early part pf his career, it ultimately helped shape a huge star. In the pro-wrestling world, I am not sure if you are familiar with Superstar Billy Graham, but this guy’s gimmick was inspired entirely by Ali, he was charismatic no doubt but all the promo’s & rhymes were Ali like, he had a great physical presence to, and when you look at his overall presentation, I strongly feel he inspired the bones of the Hogan character.
Vince McMahon’s father coined the name ‘Hogan’ as he wanted an Irish name, and ‘Hulk’ was incorporated by the wrestler himself who was aware of the comic book character. Vince McMahon Jnr played a huge role in the marketing and creation of the all American hero personality however, he actually bought him back to the WWF after his father fired Hogan for agreeing to do Rocky 3, wrestlers were not allowed to step out their own little territories let alone make a movie, Vince was very forward in that way and while his father despised him for breaking tradition, he led wrestling into the future using Hogan; he was on TV shows, he started the big wave with the toys & merch, video games and sweets/snacks/cereals as well, whatever would be appealing to family’s/kids in the 80’s, Hogan was at the centre of it; Hogan had success working for other territories, but Vince played a big part in creating the gimmick and adjusted his ring-style as he prioritised national exposure. The arcade machine you mentioned, the merch etc and general commercialisation we even see in Boxing/MMA today was all started by Hogan/Vince, Vince was also the first to come up with the PPV model.
Vince had his flaws to but he was a mad genius who had amazing instincts, he was good at using whatever was happening around him to benefit his promotion, wasn’t afraid of breaking tradition and pushed the creative boundaries; right now they’ve given the creative control to Triple H who’s booking style is extremely dull and predictable, a lot like his own ring career.