The sport isn't reaching out to new fans.... Less people actually consider doing MMA now (especially with the highly publicized issues regarding fighter pay, CTE, and rampant drug use). It's being sustained by all the old school UFC fans, original TUF watchers, and Pride diehards.
The UFC devalues their own product by only marketing a specific few fighters... Now that pretty much all of them are on the shelf, it's damaged their brand..... If you sell Ronda and Conor as unbeatable demigods, and they get beaten, newer fans are left wondering what all the hype is about.
The UFC bashes top BJJ guys, labeling them as "boring", they prefer the big KO's from the rock em/sock em style fighters... The issue with that is fans with technical knowledge (those who train) know that those guys are tough, but not necessarily the best, and the casual fans can't really root for those style fighters because quite often those fighters trade wins and losses. This is why the UFC banks on (and why the fighters are using) the Conor personality.... It's all about personalities and personas.
I know that the UFC isn't MMA, but to the new casual fans, this is what they know.... It's the Kleenex effect (everyone calls tissue Kleenex, it's a brand not the product). Bellator doesn't have the views yet, and they prefer to sustain themselves with nostalgia.... Get the old fighters that the old fans (the mentioned MMA demographic) know, and along the way show off a new talent to hopefully sustain the brand as those old fighters fall off. They don't have the marketing push, but where they have done well (Coker is good for it) is putting together any fight they consider bankable. The UFC did it with Brock and Phil Brooks, but Bellator would book the ghost of Nancy Reagan vs Harriet Tubman's great great great grand niece if it would generate views (Reagan wins round 3 TKO... GnP finish).