wrestling is scripted and planned out. the real reason they talk to each other in the ring is so they get ready to what planned next and to set up the next move. one wrong move can really hurt the other wrestler. mistakes do happen.
I loved wrestling in my youth but once I found out about the business, the politics, and the pre-determined scripts, I became 10 times more fascinated.
Is the wrestling itself mostly "scripted"? People use words like "choreographed", but if the majority of times you literally call-out each move that would make it improvisational. Granted, usually the finish, outcome and major spots are planned or sometimes rehearsed. It's like an episode of Curb Your Enthusiasm.