The reason is not "making it look cool" but "making the fight a bit believable and realistic". As it was done originally, it just felt unrealistic and even ridiculous.
Yet it would feel even more so with the ships dancing a fast-paced ballet.
There's no benchmark for "realistic" when it comes to space battles. There are only artistic choices. Star Wars, BSG and Star Trek all made their own choices, and sticking to them is elemental to them maintaining their identity. Science fiction is a fundamentally visual thing: the writing, the characters and the acting performances are almost incidental compared with the sets, the props and the space battle VFX. To give up the TNG style would mean giving up Star Trek.
battle a little more exciting (and in the process, making YE Starfleet a thousand times more competent) wouldn't be giving up the TNG style (having the Enterprise engage in nBSG Viper maneuvers would be), nor does giving up on the style of a show's action scenes means that you have to give up Star Trek. It just means that the show's way of conveying action wasn't effective all the time.