Yes it is unfortunate that Foley---who was a once in a generation talent---convinced these skinny, no physique, no talent, drug-addicted looking deathmatch wrestlers that they could get over just by taking insane bumps and mutilating their body. But that's a natural by-product of anytime a pioneer does something groundbreaking.
Re: ECW, you have to understand that it was a moment in time. In any other era but the 90s, I question how successful ECW would have been. ECW became popular at a time when alot of smart fans started making up the wrestling audience. And alot of them wanted a true alternative to WWE and WCW. Which is exactly what ECW was. It wasn't as much about the matches, as it was about the angles, the hot crowds, the environment and that anti-establishment feel. They were doing what WWE and WCW didn't have the guts to do. And you can hardly argue with the results when you look at how passionate their fanbase used to be and how hot their shows used to be.
That said, there was great wrestling on there as well. Benoit, Jericho, Guerrero and Malenko all cut their teeth in ECW before going to WCW. Mysterio first got famous in the US because of his incredible matches in ECW with Juventud Guerrera and Psychosis, that hold up to this day. RVD v Jerry Lynn at Hardcore Heaven '99 is one fo the finest wrestling matches I have ever seen period
There were also Taz, Dreamer, Raven, Sandman, Sabu, Bigelow, the Dudleys, who were all wildly popular. The only problem they had was that they couldn't stop Bischoff from raiding their talent roster and Heyman was awful at managing the financial side of the company and paying his wrestlers.