They have their entertainment value Bilbo. Sort of like watching a pig farmer wear a blindfold & sort random heads then demand the 1st lb. In fantasy land the orginizations would keep it literal and have number one meet the champ and rankings below meet in eliminations to earn way to top. If your ranked # 10 for Christ sake you should at least defeat a SINGLE guy ranked ahead of you to earn a shot. But the networks would hate that and its not like we fans actually want to see fighters we've never heard of more than once on HBO anyway. I think HBO and Showtime have tunnel vision, and we drink the kool aid.

They 'can' matter but yes, having a belt used to mean something. As it should. Just because its common now to hand them out like door prizes doesn't mean fans aren't right to call bullshit on it when they see it.