Are you talking about the sport wrestling or that shit like WWE?
What does traditional wrestling have to do with theatrics and performance? Nothing. I don't even get where your confusion stems from.
Obviously I'm talking about the SHOW not the SPORT and it should come as no surprise since the former has an immensely larger fan base than the latter.
A "cheap pop" is a slang term used to describe anything the performer may do to get a large reaction from the crowd usually in a cheap way.
Like when Mick Foley gives a thumbs up and uses whatever town he's currently in, he's literally just referring to the name of where the audience lives. In other words, it's cheap, references are cheap and easy. So if you guys are fucking up references, I don't even know where to begin.
So I dunno, is that descriptive enough for you?