#3 His Feuds and Matches are consistently solid
The great thing about The Miz is that he can have a decent match with anyone. He is probably never going to win match of the year or perform in a 5-Star match, but he puts on entertaining bouts consistently. He has had great feuds with John Cena, Dolph Ziggler, Daniel Bryan, Kofi Kingston, John Morrison and Cesaro.
When you think about why audiences watch Raw or SmackDown, it's not just for the main event. There are so many one-off matches and poor booking decisions that can make these shows feel long. Mid-card segments with The Miz are always interesting and he is one of the few superstars that really do develop a feud. Think about his work with Daniel Bryan. Audiences wanted that match for 2 years. When Bryan came back everyone wanted him to feud with The Miz. Not in the main event for the title, but in the mid-card.
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His matches tell a story and allow other superstars to look good. Audiences buy in and when he plays the cowardly heel he can get a reaction out of the toughest fan bases (i.e. Chicago, Philadelphia). Audiences boo him out of the stadiums but love to see a chance where he might get what's coming to him. All in all, The Miz has proven his credibility of being a top class heel.