It's cool that the games used real martial arts, but most of us are just gamers and don't really care about that. We're not all interested in martial arts. That said, yes the earlier SNK fighting games had a mystique that's not really there anymore, and hasn't been in a long time.
I think you miss the point. Asian martial arts where venerated from the 1960s up until around the mid 90s across the world, mostly due to movies. Fighting games where part of that exteneded culture as much as they where part of videogame culture which worked off of adjacent cultural expressions anyway.
That veneration seeped its way into videogames. Also the fact that broadly speaking this was all asian product made with a very asian signature style.
That mystique comes from a time when the west was enomred with the east but did not try and commodify it more than it was already doing for itself in the first place. There was no need to force things, they where taking place of their own accord. Japanese culture was interesting to both east (which was actually creating it in part by actually living within it) and the west (which was in awe of what could easily be observed as inspired and honest).
Japan doesn't really care too much about videogames anymore, not the way it did 20 years ago anyway.
SoR4 was made by some french guys and everyone lapped it up anyway, thought it looked amazing blahblah.
Rivercity Girls is made by some of the same people I think
etc.
Noone cares. The japanese aesthetic is played out and forced.
The mystique is gone. If someone came across Gizmo at some thrift store today, they'd keep on walking