I must say that they have a valid point. They could stage an ordinary wrestling tournament if the goal of it was deciding who's the better wrestler/athlete. However, if we should abolish competitions based on some of, or even the majority of, the competitors being in well shape, well then we cannot send any sport on television except maybe bowling and golf. I believe stopping consenting people from doing whatever they like together with other consenting people is a far worse problem than the eventual backlash people who watch but don't enjoy it might have.
It is okay to not be young, healthy, fit and attractive. However, I find it very insulting to stop people who are from doing things because everybody aren't. It has to be okay to be yourself, no matter your physical condition.