Hacking in most movies is basically magic. Yes, there are people in front of computers, but the visualizations and narrations of what's going on bear so little resemblance to reality that they might as well be invoking magic missile.
It's really just a difference of scale, not kind: the details of technology in general and hacking in particular are so foreign to most people that they're willing to accept much wider aberrations than in other areas.
It's still kinda laughable, but people (except for the last fight...) seem to take realistic amounts of damage and bruising. As a wrestler, I cheered when I saw someone actually sprawl (well,try to sprawl) on a shot. And then facepalmed when I saw a double leg to suplex...
I'm sure MMA fighters will do the same. Cheer in some parts, and then facepalm so hard in others. At least the facepalming parts looked really cool. And no flying armbars from what I remember.