Is mma competition weakening the martial arts? (Serious martial artists only)?

Don't get me wrong i love mma as much as anybody but after watching the movie Red belt (great movie by the way) it got me thinking. The mma of today has become a sport, and the past of only prohibiting eye gouging, fish hooking and the like are gone. The arts that are used in mma have to make serious changes to make them applicable for a fight in a ring with many restrictions. No groin/throat strikes (very common targets for traditional striking) limits on ground fighting (letting up after fighters start be inactive, good for the viewers but nobody is going to let you up in a street fight) and other rules limit the street/combat effectiveness of many fighting styles. I know techniques are taught only in kata or in controlled practice so nobody gets hurt and the relatively safe techniques can be used in randori, but in the context of mma you don't want to train those techniques at all and risk losing it in the heat of battle and striking an opponent in the groin. The creation of martial arts, as the name implies, was for the use of unarmed combat on a battlefield. Another thing that bothers me is the very likely event of mma becoming a just for money business, as boxing is today. Boxing is pure entertainment, and in many cases just as rigged (outcome wise, but real punches) as professional wrestling. Higher ranked boxers hand pick opponents that they know they can beat, and dodge fights they know they will lose, making the belt holder the best strategist, not fighter. The day where mainstream mma fights are fixed and fight promoters tell fighters to throw fights for monetary reasons is fast approaching, if it isn't here already. Judges too seem to be easier to ehem "influence" now days more than ever (Machida vs Rua anyone?) I don't want this to be a mixed martial arts vs traditional arts argument, but serious thoughts on if this cheapens the spirit of the martial arts and the effectiveness in real, life or death, combat. PS i love mma and it has shown to be a good way to determine which techniques work in a full speed, full contact fight, and which are bull, and the legitimacy of the grappling arts.