Kaiju Big Battel

You'll love Kaiju Big Battel.

Some kids in Boston decided to combine their love of wrasslin' and big, hokey Japanese monsters in a tour-de-force of performance art and entertainment.
People in home-made character costumes "fight" each other to the pre-fab finish. It's all videotaped from a very low angle (to make the monsters giant sized) and sold to adoring Kaiju fans worldwide.

As in the WWF and its imitators, the combatants all have character histories. Some are good, some are evil. All look silly. Some of the characters are:
GOOD
Atomic Trooper, Atomic Cannon, Silver Potato, Powa Ranjuru, Force Trooper Robo, Slo Feng, American Beetle, Eargernon, Golden Rod, Club Sandwich (dressed, of course, as a giant club sandwich) and Los Platanos (a team of banana-like creatures).
BAD
Dr. Cube (the main Bad Guy), Dr. Cube's Minions, Fallout Caterer, Kung-Fu Chicken Soup, Uchu Chu, Muffura, Existential Automaton, Anarchist Automaton, Super Akuma, Hell Monkey, Dino Kang Jr., and Shadow Trooper.

These guys tour around to college towns and enact their "battels" for the enjoyment of passers by.

"Kaiju" is an actual Japanese word which translates into English as "mysterious beast". "Big Battel" is indicative of their comedic use of badly translated Japanese. For example, this is from the Kaiju Big Battel press release:

What is Kaiju Big Battel? Look out! Danger Can Happen! Kaiju have the many monsters which are making destruction the whole city! Also in the fair fight, the referee Justice keeping Dr. Cube from throw building at the mighty Silver Potato! See bizarre wrestling matches between gigantic absurd monsters! Watch Tokyo-style monster movie erupt into real life performance-art lunacy! Shudder as Hell Monkey plucks the wings off American Beetle, while Club Sandwich liquefies Kung-fu Chicken Soup! Buy our monster-produced fashion accessories and novelty items! Collect them All! We Are Monsters! Kaiju da yo!