It's still martial arts, even though I don't like it. It does, however, come closer to sports entertainment, than traditional sporting. I see it more as comparing / contrasting two Sega Genesis console games based on the same engine:
NHL Hockey 95
and
Mutant League Hockey
As a grumpy, deeply-rooted traditionalist, while I may respect their athletic and gymnastic abilities, I see their workings as mere entertainment. While it's certainly entertaining to see someone jumping, spinning 360 (or 540) degrees, and lashing out an arcing kick at a head high level, the grump in me shakes its head, and scoffs, knowing that a simple side kick could have accomplished the same purpose.
Since I also study some kobudo, and have accumulated a nice collection of premium weapons, I get a bit miffed when I see these guys twirling around bo that are made of insubstantial graphite, or hollow bamboo.
I already know what a good, solidly constructed bo made from dense purpleheart, jatoba, or ipe wood can do, and what a flimsy balsawood bo can (or more precisely, cannot) do, so I am not impressed by their showings.
Worse yet, is when I see someone trying to perform Escrima / Kali / Arnis using acrylic sticks with built in LED's. I would think that using weapons that are exceptionally highlighted might make it easier for your opponent to see, and defend against, when put to use. My guess may be wrong, and if one of the Escrima / Kali / Arnis practitioners can confirm / deny my theory, then I'd certainly be appreciative!