Its one of those things that could work, but it goes back to the company actually putting effort into it to make people care. If you tell everyone, directly OR indirectly that women's wrestling isn't worth anything, then it is no surprise that nobody thinks it worth anything.
Hell, a few years back, TNA of all people were doing phenominal things with women's wrestling. And it was getting over, much to the chagrin of a lot of guys losing TV time to them. It was something that was setting them apart from WWE until the nWo arrived. I mean Immortal. Whatever, same rehashed angle.
Seriously, of the "22 god damn divas", how many do you know off the top of your head? I can only name about half, and that's because people won't shut up about Emma around here and that I have undying loyalties to Layla El.
Everyone talks about the "good ol days" of Trish Stratus, but much like on the men's side with people in the industry like Brock Lesnar or Bill Goldberg, Trish was brought in with the "look good first, then hope she can learn to wrestle" mentality, and like the guys I just mentioned, it worked with her because she took to the business. She wasn't just instantly and magically over. Neither was Lita. They had the sex appeal to capture attention, but the possessed the ability AND JUST AS IMPORTANTLY was given the opportunity to hold on to it once they got it. They didn't simply remain masturbation fodder; they got the shot to earn some respect.
It also didn't hurt that she was written into angles and had feuds. Just about all the girls used to be. Now, the Diva's title is the Everyone-gets-a-turn belt with the prerequisite being having a uterus and being in the WWE. They get pushed against the current champion, they win, and that's it until the next challenger they decide to push.
As it stands right now, they're just random boob sizes coming down to make time for piss breaks. It could be better than that, but WWE is content in just letting it be. To answer your question, it is rather stupid to keep this many women around if you're going to do absolutely nothing to showcase them in a way wrestling fans actually give a flying fornication about.
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