Nix,
When I wrestled high school 25 years ago, you cut weight for one of two reasons - to make your team stronger, or to get away from an opponent that you had trouble beating. In my case, it worked out, and it didn't work out. Our team was better with me wrestling down, and the opponent I was trying to dodge, well he dropped to the same weight class and gave me three of my six losses my senior year.
I am sure cutting weight is still practiced, but not condoned by a lot of programs. My son wrestled Jr High this year for the first time and there was at least one of his team members who cut a few pounds for the city championships. To his credit, he was doing it to make the team stronger, not dodge a tough opponent.