I'd say there's a big difference between the commentator and the co-commentator. The latter is almost always an ex-sportsman. But in most sports, (certainly boxing and also football) the former tends to be, as you say, a professional commentator.
The co-commentator should also have at least some of the skills I mentioned. If an ex-fighter is desired then that's one thing, but it should be a pretty ruthless process to actually get the gig and then keep hold of it. I don't know how we got to the stage we're at now, but it needs sorting out.