I think the undercurrent of the overall state of affairs in WWE and the rise of NXT as the definitive counter culture response to WWE's excesses and bad habits is what fuels that chant to begin with.

It's derived from guys like CM Punk coming out and emphasizing the fact that he was a great professional wrestler, which, conversely, was just another way of saying "I'm great at all the things that make this thing of ours great and this sports entertainer superstar shit can kick rocks".

Sure, it might come during matches where the action is good, but that's a very simplistic take that doesn't really factor in the groundswell of desire for a change from this bloated "entertainment" bullshit Vince keeps shoveling.

Saying it's nothing more than a response to good in ring action is overly simplistic and basic and ignores the greater overall message that THIS- NXT- is wrestling done the way many long time fans think it should be done.

You won't agree and that's all good :)