It depends. If you have an interest in the sport and know what is going on, it can be deeply exciting. This applies to all combat sports but with grappling in particular, there is a whole bunch of strategy and technique involved - so much of it seems boring because the combatants are either setting something up, defending against something, resting or at a sort of stalemate (in MMA this usually ends with the fighters being stood up).
I understand that you and many other people find it boring, but understand that these guys are high caliber athletes and usually incredibly dangerous on the ground. They can easily break each others limbs through joint manipulation like armbars or constriction chokes - finding the right positioning to defend or lock in a submission is part of the strategy, and for the viewer, part of the entertainment. If you watch MMA or Submission grappling tournaments, you'll see the audience ohh and aw during things like scrambles and passing the guard (basically when someone repositions themselves).
I think we in modern Western society have sort of been conditioned to only thing striking is what makes fights dangerous or fun to watch - that's where you get all that nonsense these days in the US of people saying wrestling is gay and boring. Boxing being the only combat sport for a long time and movies primarily using flashy martial arts moves (much of which is impractical in a real fight) have led us to believe that striking is all that fights are supposed to be. In other places where wrestling, judo and the descendent arts of judo like Brazilian Jiu-Jitsu and Sambo are much more a part of the culture, grappling has a long history and people are much more educated as to what is going on.
As far as some other fun grappling in MMA, I would suggest a few of these matches
Kazushi Sakuraba vs Carlos Newton
And my personal favorite match of all time, Kazushi Sakuraba vs Royce Gracie (this one clocks in at a whopping 2 and a half hours)