Indeed, the Ultimate Warrior was a horrible wrestler. Entertaining, yes, but not a very good performer. In Hogan’s autobiography he complains a lot about the UW wasting so much energy on his entrance (sprint to the ring, shake the ropes for a few minutes, etc.) that he was pretty well spent before the match even started.
Back to Macho Man… in my mind Wrestlemania III was the greatest wrestling event of all time not only because Hogan body slammed Andre (which was awesome), but perhaps even more so because the Savage/Steamboat match was one of the most incredible I’ve ever seen.