I'm not sure what the right prescription is. Times have changed. I grew up in Western Pa, and our hs had two winter sports--basketball, and wrestling, which started when I was a sophomore. Now our high school has swimming, and hockey. Most of the schools in the area now offer soccer in the fall, and some have winter track, as well as lacrosse in the spring.
For the kids in the median and below size category (I was one), wrestling still gives the best opportunity for a "fair" chance at success. But for median and above sized kids, there are opportunities and pressures that weren't there decades ago. There are other sports in the winter, and more pressure from the fall and spring sports to do off-season development and conditioning work.
Wrestling also suffers from not being a team sport where substitutions are possible. (Baseball has the same issue.) You're not going to get into the contest in high school unless you can win the spot for the weight class. Which brings up another issue, which is the weight control aspect. It's a serious negative for most parents, and, ironically, it probably affects the lightweights more than the upper weights. Parents of a kid who is small in stature are loathe to see him controlling his calorie intake. It's understandable.
I do think the weekend competitions might be able to be shortened. The only point that I'd make is that in watching the grade school and middle school competitions, my observation is that the matchups and competition you get at the larger weekend events is much better than what usually happens in most "duals". In the duals, maybe a third of the matches are decently competitive matchups, and I'd say two thirds of them are mismatches in skill or strength that wind up being completely one-sided. It simply happens because of the difficulty of matching two teams of say, thirty kids each spread across three or four grades. I had an eighth grader one year that no one could handle. I used to describe him to the other coaches by saying "he's a lean 160 pound eighth grader". At the larger tournaments, there would be one or two other kids like him, but usually not on another team that was close to us to wrestle duals.
I'm long on observations here and short on solutions, but not sure what can be done.