Hogan had charisma and Vince betting the farm on him. Neither would have mattered if it wasn't for Roddy Piper getting sooo much heat. Macho Man wrestled better but in hindsight you only really think about three things with him. Slim Jims, Elizabeth, and one match against Steamboat. Oh and that he sounded like he haden't shit in ten years. Flair had to walk the line between face and heel for much of the time he was Champ. Flair could make almost anyone appear to be a contender. Hogan only made himself look good.
But what did Hogan actually do in the Ring? Nothing. He bodyslammed Andre The Giant (weakly) and that was it. Hogan only had the leg drop. Nothing more.
Macho Man and Steamboat put on a single match that has never been "topped" to this day. HHH, Rock, Kurt Angle couldn't put on a better pure match. I do believe Kurt Angle WAS the best post-Macho Man Pro Wrestler ever...but today he's unwatchable on TNA...
Macho Man's "three things" are more important than anything Hogan ever did. Yes, Hogan's "look" and "Hulkamania" made more money in the long run, but from a pure-fan standpoint...Hogan is a sham. Macho Man deserves more credit....