I just don't see paintball as a mass spectator sport. There is no focal point for the audience to watch.
When you watch tennis or football or rugby or baseball - you watch the ball, it lets you know where the action is.
The only way I see it getting watched by a vast audience is in a pre-recorded format, where they can stop the action and explain what is about to happen, then view it from multiple angles. All the while explaining why that was a good tactical move, who is in trouble, who is being effective and why, what they could have done etc.
Also - paintball punter sites need to start using much better guns (Eteks or similar), something that can shoot decent paint so it's not such a lottery. At that point punters can get a feel for what paintball is actually like with good equipment.