I don't know, I used to be excited by spectator sports in my teen years, but as I got older and more intelligent, I found other spectator sports like politics and business much more fun.
Also, I get more of a kick from movies, even sport movies, in that short-duration time period you mention.
Spectator sports exist because we like to witness competition, and ideally direct, short-term competition between equally matched people. It sets up a fascinating situation - you have two intelligent, capable, experienced players, more or less equally matched, and both have every expectation that they will win a fair fight. Moreover, you agree with both assessments. And yet, they put themselves in a situation where there can only be one winner. Is that not an exciting premise for entertainment?