Sound design in American fight scenes traditionally errs on the side of subtle. When Bond falls, or when he's punched in the gut, you barely hear it. Everything is sold on the performance. This was a contrast to the Italian sound design method, where every sound was exaggerated. https://twitter.com/TicoRomao/status/1265896838667870211

American theaters then might have had the best sound equipment in the world. The Loew's upgrade in 1929 for talkies resulted in amazing sound systems. But this was more to maximize dialog and music. The American preference for performance over sound fx remained. West Side Story:

This probably changed with TV and home video, which could never compete with the theatrical sound systems. So the mixes throughout the 70s and 80s must have taken this into consideration. And still the sound effect mix is downplayed. Commando:

Hong Kong adopted the Italian style of sound design. More "thuds" and "whooshes". All dialog was dubbed because on-set sound was a pain in Hong Kong with planes flying overhead all day. Action is the star, sound is the co-star. Here's the original HK sound from Drunken Master 2.

Here's the 2000 American dub. The sound is dampened so it doesn't "take away" from the action. The cloth is lowered, the voices dominate the mix. This might have worked, but the awful music tries to "help" the kung fu, undermining the audience's desire to see it for what it is.

The dampened sound in the Drunken Master 2 is probably good, but you don't hear it under the overbearing music. Nonetheless there are plenty of people who prefer that the sound NOT be the co-star. This is why the Matrix sound design tested so well in America.

The "whips" and "thwaps" of The Matrix became a stereotype of Miramax dubs in the early 2000s. That kind of sound design works well, but not with an overbearing (and bad) soundtrack. The weak American voice acting didn't help. Chen Zhen sounds feeble & submissive. Fist of Legend:

Compare with 80s UK dubs with strong, heroic voices. The distributors would just take the original sound fx on magstock and mix them like the original. 80s dubs have gone down in history as great. Huo Yuanjia is heroic and would kill the dubbed Chen Zhen. Legend of a Fighter:

Americans have always enjoyed watching physical performances. The Bond scene is played in Medium Wides and Wide angles, like a Keaton or Chaplin fight. Everyone understands body language like that. Jackie's body language has more symbols, but Americans were ready to watch.

It's understandable why a distributor would tone down the sound design for an American audience. Bond's a great reference point. No music, subtle sound design, all performance.