You have indeed gotten to the heart of the matter. As I had previously stated, bowling in the USA has declined precipitously due to its poor reputation. About 1998, the major organization that controlled professional bowling (Professional Bowlers Association) was close to collapse and came close to filing bankruptcy. The American Bowling Congress (ABC) suffered a similar fate. In an attempt to rescue the sport (and make money), three former Microsoft executives bought the PBA in early 2000. Also in 2005, the ABC became the United States Bowling Congress (USBC) and in 2008 it merged with the Bowling Proprietors Association of America (BPAA).
The bottom line to all this is that the sport of bowling has not been able to overcome its poor reputation. Here are the current TV listings for PBA bowling this year:
PBA ON TV
Upcoming New PBA Tour Broadcasts
No Television Events Scheduled At This Time
Upcoming Classic Tournament Rebroadcasts
No Television Events Scheduled At This Time
Not even ESPN will touch them with a ten foot pole. As you correctly pointed out, it's all about making money. Bowling in the USA is not making any significant money. In fact their financials show that the sport is a money pit and the PBA has not been able to turn things around.
In desperation, the PBA changed the rules last year for tournament play to allow pro bowlers to drink during play. They thought it would help make bowling more popular. No wonder they're not making money and spectators aren't interested in watching.