I don't know exactly why Hulk Hogan didn't show up in the movie, but I think it was a smart move.
Think about it: the biggest names in READY TO RUMBLE were all homegrown NWA/WCW guys. They used Goldberg and Sting, not Curt Hennig and Bret Hart. Hogan's appearance would have made this too much of a "WWF" movie, and there had already been plenty of those by 2000.
Let's face it: most good American folk either don't watch wrestling or haven't tuned in for it either since when they were kids or when THEIR kids were kids (the fact that the average age in the United States right now is something like 54 should tell you something). So not enough time has passed by now for most people to even remember the "Attitude Era," let alone have a clue who John Cena is. Just look at anyone who tries to parody wrestling, and they'll always trot out some knockoff of The Ultimate Warrior or "Macho Man" Randy Savage. Some REALLY old folks don't even know who those two are, and if you bring up wrestling in a conversation they'll demand to know what the likes of Haystacks Calhoun and "Classy" Freddie Blassie is! (For the record, they're both dead.)
So if Hogan had been in the movie, you'd have had all these theatergoers scratching their heads going "Why isn't he wearing yellow and red?" or "Why's he being such a dick when he's an American Hero?!" - and it just would have shot the whole thing to hell.
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