#3 A way to spoil the show and infuriate the WWE
The unceremonious manner in which CM Punk exited the WWE in January 2014 left a sour taste for all the stakeholders involved. WWE has had a history of muting the mentions of any superstars who have had unpleasant relations with them.
Hence, any mentions of such superstars by the fans is a sure-shot way to infuriate and irritate the WWE authorities, just like the chants of 'Boring', or the act of playing Beach Ball while a match is taking place in the ring. Such acts surely are unexpected and derail any plans which the WWE may have for that particular moment.
The 'CM Punk!' chants have now become a means for the fans to vent out their frustrations whenever they are uninterested in the action which is being served to them by the WWE. For the fans, CM Punk is not just an individual. For them, CM Punk represents whatever is wrong with the WWE.
Considering CM Punk's numerous assurances that he is "done" with wrestling and with him having moved on to have a career in the MMA with UFC, chances of him actually coming back to the WWE in the near future are bleak. However, this won't stop the WWE fans to voice their desires. 'CM Punk' chants would continue to remain a phenomenon in the world of professional wrestling.