I think because of how much time has gone by, and how many generations have watched, Wrestlemania has grown in popularity.
It's a tradition for 3 eras of WWF/E fans.
I think with time, the gimmick of it as a huge cultural event has also grown. That's why they do bigger and bigger buyrates, and sell out bigger and bigger venues.
However, if you look at normal buyrates and ratings they're way down. Live event attendance is also way down. So it's tough to say. I think there's more people out there who care about WWE in some capacity, and are willing to partake in their biggest annual tradition. I also think there are less people who honestly care about/follow the product.
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