In my personal opinion, it seems to be an argument of continued inclusion for the sake of the tradition.
I loved the olympics and watched as much as I could, but at a time where you find yourself getting into sports you never expected you would (how fun was handball?!) there are some things that just didn't interest me and I couldn't get into them at all. Horseriding, male gymnastics and wrestling to be precise.
My personal opinion doesn't decide what goes on the olympics, and I expect that countries such as the USA and Russia probably have more of an interest in wrestling given that it's a school/college sport. But people here that I know share similar opinions. If you have thousands or millions of these opinions, and they don't sell venues or get watched on television, then it is my belief that it should go. If it isn't something people care for then the only real reason is to keep it for a minority audience and tradition for traditions sake.
Having said that, with MMA, Darts, Professional wrestling (as a choreographed event like ice skating) and Golf all making noises to be olympic sports, I can't say that the alternatives are that much better. I'd prefer if they downsized it a bit personally, there were too many events and a lot of them weren't all that great.