It is for entertainment and I think it's also for profit about the fight between mike and jake either it is staged or not stage at all regardless the age of mike.
Mike's reactions and behaviour during the match made it evident that the event was scripted and he was never going to win. You can't think that a person who has been one of the greatest in the game will forget his moves and all his training that he did and can't even connect a good punch to knock the opponent out, even when he is getting so many opportunities. Jake isn't a great fighter, and you can see easily that if he fights someone who has quick reflexes, he will get beaten badly. This game was fixed to make him win. Otherwise, things would have been different in the ring, for sure.
We can't blame Mike for this, though; he probably needed some money and had no choice but to play along. As a fan, you would feel disappointed undoubtedly, but you will have to accept it at the end of the day. I hope he does well in life.
It seems a huge event that happens well even though there's a large scale of money involve right here just to make this event, we know Mike hasn't had a fight recently and people have wondered themselves what if someone fights Mike, so here it comes, also Mike has an experience and age gap so we can see some discrepancy on it, but still, he has a move and for sure by the peoples choice they would like to win is Jake Paul of course this will gains more reactions and hype to the people than Mike wins the fight. In this era people really like entertainment than the title and of course there's a designated amount for this entertainment.