Nobody really cares about that style of action hero anymore, expect for people who were around for that time. We've seen hong kong style action now, and there's no going back.
Audiences expect either bone crushing, super athletic fight scenes (ie; Michael Jai White, Scott Adkins, The Entire Cast of The Raid) or they expect guys who can at least ACT well enough to be considered credible in their roles, or taken seriously (Liam Neeson, Daniel Craig).
Basically, guys like Schwarzenegger, Stallone, and Norris made their careers off of being exaggerated cartoon characters. Norris is just a few points removed from ACTUALLY being Eagleheart. Stallone's early work actually does show some effort on his part, such as the first Rocky or First Blood, wherein he at least TRIES to act. After he realized that he didn't need to try in order to draw an audience, he gave up completely.
If you go back and watch those movies, what do you get? The same one liners, the same static shots where they just stand there and fire from the hip, or maybe some sub par hand to hand combat where only one henchman attacks at a time. Chuck Norris only survives now as a walking punch line to a joke that stopped being funny 3 years ago, and Stallone continues to exist basically so that people can make fun of his Bell's Palsy. Arnold? 1 word, JUNIOR.
As per a reference to wrestling earlier, the audience preferences have also changed greatly since then, with the influx of Mexican and Japanese influence that came in the 90's.
Wrestling fans just don't care about big dudes anymore, as they've since realized that having traps the size of water melons and large biceps do not indicate (and often times negate) athletic performance/agility.
The cutting edge of wrestling doesn't look like the Arnold cup:
The changes are coming. Right now, some of the biggest rising stars in the WWE are guys like Bryan Danielson and CM Punk, NEITHER of whom you could argue look like body builders.
The world moved on, because it realized that it could do better.