Older Than They Think: Buriki One was among the first fighting games where an analog stick controlled your fighter's strikes, a system that would later be adopted and refined by Electronic Arts for their Fight Night series of boxing games, and, ironically enough, their very own MMA title, EA Sports MMA.
Spiritual Adaptation: This was supposed to be an adaptation of Baki the Grappler before SNK lost the rights at the last second. Most notably, Gai Tendo is blatantly modeled on Baki himself.
The lack of women on the playable roster, presumably owing to the MMA theming, can come across as this due to game predating the establishment of women-only divisions within the UFC and other promotions.
The game was made during the early years of MMA's existence, something made clear with its setting: a no-holds-barred one-night tournament with a focus on style vs. style combat, much like the UFC during its earliest days.