NwO could still occur without Hogan but it defiantly would have lost the initial reaction from the crowd when the long-time fan favorite Hogan suddenly became a heel and turned his back on all his fans/children that grew up watching him. The event would still have been a shock but probably not to the degree of fans tossing stuff in the ring and being legitimately hateful of Hogan as both a wrestler and person.
Owen probably would end up as a champion in the future since WWE has pushed a lot of wrestlers who have been loyal to the company for long periods of time as a token or "thank you" reign.
Attitude Era would still have occurred mostly because the fan base of the WWF grew older from their origins as the Hogan/1980s fan base the last time WWF had a "boom" period. ECW still would have been an influential piece to the era because they appeared years before the actually start of the Attitude Era. The only thing that would have been missing would be the critical Stone Cold vs McMahon and maybe Stone Cold vs Rock feud which helped define the era.
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