There's another, very simple reason why paintball isn't a great spectator, and therefore TV, sport. There needs to be a single focus that the action centres around. Soccer - the football. Cricket - the ball again. Tennis - guess what, another single ball. Equestrian events - the horse & rider doing that round. Field athletics - the thrower/jumper. Even multi-competitor sports have a much smaller focus for the viewer. Motor racing - whichever car is on screen at that time/the race leaders bunched together. Track athletics - your favorite athlete/ the front runners. Horse racing - same as track athletics.
Whereas in paintball you really need to be aware of the stuff going on over the whole field to understand what's going on. Watching just one back player trading paint with his mirror isn't exactly exciting, but trying to guess the next exciting piece of action like which player is going to make that brilliant mugging run or dive into the snake can be hard. Try it next time you're watching at a tournament - keep your main focus on just one player, or the flag, & see just how exciting it is to watch (not) - you need to be able to understand everything thats going on front, back, left, right & centre. And that's too much effort for the majority of armchair sportsfans, and a bitch to try to film.