I don't know, I don't think catfights are dying necessarily. It's obvious that SF needed to diversify to keep bankrolling things, but at the same time, I think your outlook is somewhat pessimistic. There are quite a few companies that are producing quality catfights still. And lets remember, this industry is somewhat cyclical. Back in the day there were companies like ECNWC and DWW and the like, who produced some incredible stuff. Now we still have Fighting Dolls, IFW, FoxyCombat, SF, Mexican Catfights, Slap City (who admittedly has stopped), SoCal, etc. I believe there are women who would do this still, just they are harder to find right now. Let's be honest, there is stuff like "influencer boxing" which is currently all the rage, where women are happy to belt the crap out of each other for large sums of money. Boxing is arguably more dangerous than what SF was pushing out, especially for people who aren't actually trained to take a punch or know how to hit properly.
What set SF apart from others is the production values. So what we're seeing is people who aren't a fan of oil wrestling seeing one of their favourite producers potentially moving away from what brought the core market in. I only have a certain amount of money to spend on things like this, and the reality is, if I know I'm not going to enjoy the product as much, I'm not going to buy it. A lot of people are going to be in this boat too, especially with cost of living going up.
I'm one of those people who don't care about the result of the fight, it's the actual fight that matters, and quite frankly, while I do enjoy some oil wrestling, the catfights were fantastic, even if people objected to the results at times. Having a winner and loser should not really be the be all and end all in my opinion, as long as the fights are competitive. Draws are still satisfactory results. But I know many don't see it that way, and SF may actually have seen the light and figured he could get a better product from that point of view with oil wrestling.