There have been some pretty sparkling F-27,C-27J, G222, Transall and, more recently, A400M displays over the years. IMHO there's quite a difference between a choreographed, practised display subject to training and supervision, and Bud Holland's rip-sh1t attitude and flagrant disregard for rules, aircraft limits, CRM and authority. Much like a Chinook, a lightly loaded transport aircraft has a pretty handy thrust margin when flown at display weights. The key is the proper selection, training and monitoring of dedicated display crews. The main reason for a lack of ME displays, I'd imagine, is that they're simply too busy most of the time to spare airframes / crews for the "circuit".