I don't care for wrestling much, but WHY!?!?!? Wrestling was part of the original Greek Olympics, so why get rid of it now? Does tradition matter AT ALL anymore!?!?!?
Tradition doesn't matter to the IOC, only money. Wrestling does not have wealthy patrons. It has arcane rules that are only truly understood by those who are heavily familiar with the sport which discourages casual spectators. And unlike some other sports such as gymnastics or diving that also have arcane rules, it is not a sport which can be easily appreciated at an esthetic level without knowledge of the rules. In short, it is not a made for TV sport.
As a former amateur wrestler, I can tell you that the rules really aren't that complicated...
I wrestled as well, and they are somewhat complicated for a semi-objective sport. There are a lot of different ways to score points:
2 - Take down
1 - Escape
2 - Reversal
2-3 (or 4 - note sure if Olympics gave out 4s) - Near fall
1-2 - Penalty points
Then you have warnings and stallings. The types of penalties are pretty limited compared to other sports, but what can be an illegal or potentially dangerous hold can be confusing.
I love the sport, but when you take a person to a meet who's never gone before, I typically have to explain a fair amount.