I have to admit, I don't know him. But the simple fact that he was a staple in Memphis and all the classic stuff that happened there makes him important to the history. Part of Lawler/Kaufman, etc. A lot of wrestlers pay tribute to him. BUt maybe most importantly, 67 years of marriage. Kudos.
With so many wrestlers on the roster (think about all the b-show wrestlers who don't even get mentioned on TV) to give tv time to, it makes sense to rotate certain people/teams off tv. It's not neccessarily punishment.