SyFy has a lot of shows, they just aren't on friday anymore.
Current lineup:
Haven (Based on Steven Kings the Colorado Kid)
Stargate Universe
Eureka
Warehouse 13
Sanctuary
The problem is syfy isn't a big network so that's all the original programming they have aside from stupid no-budget shows like ghost hunters and beast legends. They have to fill the gaps with something.... so sharktopus it is!
And as the others have said, syfy is the sister network of usa and usa networks got smackdown for cheap. It started on UPN, was transferred to cw when they merged, got dropped from cw... was picked up by some other network (can't remember which) got dropped again and picked up by myZ, which I'm pretty sure isn't a real network, and finally ended up on syfy. Like it or not wrestling brings in big ratings... not network big or even cable big, but syfy channel big.
I don't like it either, but I can certainly understand their logic in the matter. Syfy needs a ratings boost and smackdown was cheap.