I have no doubt that Gladiators were entertainers (similar in some aspects to todays WWF/WWE and Matadors) however when life and death is involved and given the history of Spartacus which is certainly true (NOT the series) I would have to argue the point that there were many a Gladiator that certainly could fight.
They could fight, but were not all that good in it compared to a professional soldier. So why would a regular D&D fighter, one who fights monsters in life and death situations, train to become a gladiator? Being a gladiator wouldn't teach him anything of use in a fight against monsters and would, compared to adventuring, be consider early retirement.
The "step down" in my original post was not about social status, after all gladiators were the pop stars of the time, but a step down in combat ability for a regular fighter.
The only thing which I would consider sensible would be the gladiator being specialized in fighting animals and animal like monsters as those werea typical opponent for them.
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