#1 Lack of coherent storylines and feuds

The purpose of 'Wild Card Rule' is to create a sense of unpredictability in their weekly shows, which would encourage the viewers to tune in every week. Although the sentiments of the move are understandable, there is a downside to the argument as well.
The intended unpredictability also creates a sense of randomness to the proceedings every week. This means there is no way for the superstars to sink their teeth into one particular feud and no way for the viewers to invest themselves into a storyline on a consistent basis.
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This lack of coherent storytelling was apparent in the case of AJ Styles, for example. Styles is currently in a feud with Seth Rollins for the WWE Universal Championship on Monday Night Raw. However, owing to the 'Wild Card Rule', out of no where, he appeared on SmackDown Live, challenging Kofi Kingston for the WWE Championship.
Such a method of storytelling has the potential to confuse the viewers and drawing them further away from the product. Considering the pressure from the networks, USA and Fox Sports, these are desperate times for WWE. Thereby, they have indeed taken some desperate measures. However, they have inherent flaws and can lead to unintended and undesirable consequences for WWE.