Wonder how it would be if you treated the camera as a spectator in the audience in VR, while the controls are more less 2D kind of like MK9. Could even have it attached to actual spectator NPC/AI that moves around to follow the fighters. Depends on how much freedom of movement you want to support for the characters I guess.
Edit: Or I could read what Haggler2 said, oops. But yeah, a spectator that moves along the sidelines, that lets you pretty much look everywhere, not that you’d want to look away from the fight(maybe you’d have some easter eggs/trigger events to spot?).