The Gripen may have been expensive to develop it, but to operate it, it sure will be a lot cheaper than the Viggen! Also the prices at which they are offered on the export market or for lease contracts are not that bad either.
Airshow displays aren't everything. I saw the Gripen couple of times in the past, can't remember a bad show, but it couldn't compete with the F-16/MiG-29/Typhoon/Rafale...and the last two were only flown carefully back then, maybe the Gripen was too. My guess is the pilot or display team just kept it simple, maybe the pilot is not the most experienced around or they don't want to risk anything. Maybe Swedish regulations have changed? Anyway, read the RIAT report, the USAF came with a F-16 display but that didn't mean they were as good as the Dutch/Belgian displays. And then again, it is just a show, I can imagine a combat loaded Gripen will still do much better than a loaded Tornado in real life, although it may seem the other way around at an airshow.