First, let's define the term 'Heel'. A heel, as many of you
already know, is a bad guy. A good heel, in the words of the
wrestling legends, can make fans dish out money, whether it's to
buy tickets or to order a PPV, so that they can see him or her get
his or her comeuppance. In short, a heel's job is to make the fans
pay to see him get humiliated or beaten up.
The Boogeyman could be so popular because he instills fear into his
enemies' (all heels) hearts. Fine, so he doesn't really have that
big of a moveset, the only moves I've seen him do are the Chokebomb
and the Pumphandle Slam. But, the looks on his enemies' faces when
his music hits, and the way he spits worms all over his enemies'
faces at the end of every match humiliates them a lot.
Take the Booker T vs Boogeyman match for example. The look on
Booker's face was priceless when Boogeyman came out. Booker was
even scared out of his wits backstage (Booker was a heel back
then). If you notice, during the match, there was dead heat. Nobody
cheered, or shouted, or even booed. But, at the end of the match,
when he kissed Sharmell with a mouthfull of worms, the arena
exploded. He successfully humiliated his enemies, and what's more
humiliating than to have a mouthful of half-eaten worms spat onto
your face? Yes, there's always the Kiss My Ass Club, but half of
the Kissers don't even do it anyway.
So, yeah, that may be why the Boogeyman is so popular. He's worse
than Cena in terms of wrestling ability, but his ability to instill
fear and to humiliate heels may be his drawing point.