My wife and I are performing magicians and there is a surprising amount of overlap in the history of the two performance arts.
Wrestling came from circus and sideshow. Stage magic has also had a large presence there, historically. Both art forms have a history of keeping their "methods" secret.
It reminds me of the first Borat movie, where Sascha Baron Cohen - at the time relatively unknown outside of the UK - stayed in character during the promotion of the movie. People didn't know if this character was for real or if it was an actor playing a part. It was part of the "art" (I know it sounds weird to call Borat "art", I don't want to get into a pedantic argument about definitions ... let's just say that magic, film, pro wrestling ... all theatre).
Ethically, it's an interesting grey area and I think that each has different reasons for being protective of what going on behind the scenes. Every magician has learned the hard way that audiences usually react to finding out how a trick is done with disappointment and that's the real reason that methods are kept guarded. The line for me is that I will never pretend that what I am doing when in character is anything other than parlour tricks and illusions.
I think that pro wrestling and Kayfabe are similar. For a long time pro wrestling did want to protect the illusion. These days they are much more open about it being scripted and predetermined and, like magic, anyone that wants to learn how some of it is done can find out very easily online. But I think that they still don't want to advertise the techniques because, in their belief, it would ruin the suspension of disbelief.
Magic is actually the UNWILLING suspension of disbelief. Even if a trick is not framed as an intellectual puzzle, it takes an intelligent audience to experience the illusion. The person watching must have a clear understanding of what is possible vs what is not, and the magician needs to understand every possible explanation that might run through a typical rational human mind and work to preemptively disprove those explanations. It's a fun implied intellectual challenge.
I can find pro wrestling to be entertaining but I'm not a super-fan and so I don't know if the "unwilling suspension of disbelief" enters into the picture with Kayfabe at all .. but I can see how it can. If we were under the assumption that every move and stunt were without any risk then would it still be AS entertaining? The "moves" in pro wrestling do not eliminate risk but they definitely work to reduce it. And understanding the mechanics, like in magic, has the potential to break the illusion.