Any professional wrestler will tell you that the hardest part of the job is coming up with your gimmick. You need to be outrageous and distinctive without being ridiculous. It's a subtle art, one not easily mastered.
Notable failures include ...
The best part about professional wrestling is how it marries fantasy with gritty reality; smoke machines with sweat and blood; dramatic lighting and rock anthems with folding chairs and collapsible tables conveniently left lying about for violent purposes. Most importantly, a good wrestling character is going to have a great story behind it. And what better story is there than The Wizard of Oz? And what character from The Wizard of Oz is better suited for the ring than The Great and Powerful Oz, himself?
Pretty much any of them, it turns out.
Our best guess is this was based on someone's childhood nightmare. Remember, the Wizard of Oz in the movie was just a regular old man, so the character these guys are ripping off didn't actually exist at all. The wizard was just a projected disembodied head:
And he kinda looks like Ralph Nader.
And here's the World Championship Wrestling's version:
He looks like an extra from a poorly budgeted Turkish Broadway production of Aladdin. Where are the similarities apart from a piss-weak reference for a name and the color green? And, in case you're wondering, that's Merlin standing in front of Oz. Merlin the Magician. Not that Merlin ever appeared in the canon of The Wizard of Oz, but apparently one ill-conceived wizard was just not enough to satiate WCW fans.
We've got no issue with the monkey sidekick though.