It's an interesting concept. Real, legit fights in a pit, in the middle of a crowd of hot girls, monks and CGI surroundings. It looks like a video game on purpose.
I also wonder how they make money. No add, no sponsor, no gate. I don't think that these productions are very expensive to do. Fighters must be dirt cheap, they likely produce in the same warehouse in a cheap location, too, the crowd is likely hot waitresses from local bars and Chinese buffet attendants that they pay 100$ a pop. I imagine that the cameras and a couple of computers are all it takes. Setting up that pit must not be very expensive either. Flying in 6 fighters per event is also cheap...
But still you need to pay all that.