Doing a bit of research, the wrestlers are Joey Ryan (white guy with the stach) and Danshoku Dino (asian dude with the bad bleach job).
Both of them have goofball, very sexual personas - and Danshoku’s is specifically flamboyantly gay. So…now the whole thing makes as much sense of pro wrestling ever does.
IMO, Danshoku sold a lot better than Ryan did, although the camera was doing them no favours on that front.
You are correct up to this point, but he does not wallop the guy in the head. He flips him by grabbing the air and psychically throwing him by his underwear.
Japanese wrestling has some…let’s just say extremely strange elements. I’ve seen at least one match where a wrestler, alone in the ring, went through all the motions of a match, including selling attacks by his invisible opponent. One federation had a blow up doll who would win matches. And, of course, little girl Undertaker. No, really: - YouTube
It’s probably a bad idea to grab the opponent’s wang when the opponent is (a) Hercules and (b) perfectly positioned to deliver a horrendous pile-driver.
There’s that. Normally you wouldn’t want to enrage Hercules by pulling a dick[sup]*[/sup] move on him, but when he’s already set on feeding you to your own man-eating horses I guess there’s no longer anything much to lose.