Also, tax purposes. Several states, including NJ, called them out out on not being a legit sport and that they should be paying the entertainment tax rate instead of the fight promotion tax rate or they could take the product elsewhere. They opted to break kayfabe at a press conference with Christine Todd Whitman and The Undertaker (in full character) at The Meadowlands.
By most accounts, Vinnie Ru came up with the idea after getting fed up with Bradshaw bitching that, "If this was a bar fight federation, I'd be champ for lahfe!" He came up with it and, despite reservations about the clusterfuck it could cause, they did it because 1) they were looking for something new and 2) Jim Ross was part of the office back then and saw it as a way to get Dr Death over because he was figured to be a clear favorite by JR. Cornette does the best rants about the B4A. Give them a listen.
I took a piss next to Chuck Wepner after a Gatti fight in A.C. once.