They're still wrestling because the fans still like and them, and sadly, they're more charismatic than about 75% of the younger wrestlers the company has hired. Sure, guy like Carlito, Cena, and Edge are good on the mic, but then you have completely bland personalities like Kade, Murdoch, Chris Masters, and the entirety of the Spirit Squad who no one really cares about. Foley has gotten too whiny for my tastes, but Flair is one of the all-time greats and I still mark out for him every time I see him. Plus the man has pretty much trademarked the basic chop. Anytime anyone does it, the crowd does the Ric Flair "Woo!".
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