Well he's way more well known than a ton of other fighting game characters. Only other ones really close to his mascot levels are Ryu, Scorpion, and Sub Zero.
Ryu's just way more boring in every area. Sub Zero and Scorpion are kinda identical design-wise, have no cool theme songs (at least in games), their only good game is basically MK9, nothing as catchy as Terry's toooons of engrish (closest is GET OVER HERE), more boring fighting style (Terry punches way more and his punches explode and stuff, rad stuff), and they aren't as laidback and cool as Terry acts.
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