To answer the main question, I think that they are holding onto what credibility they have left due to it's longevity and history in the sport. They are making a mockery of the sport now and it's not fair on fans or fighters. IMO they don't deserve their status will keep it due to the fact they are the original governing body.
I'm not sure I agree with you wanting more than one association at the top though. For me an ideal situation would be for all bodied to be taken over by an organization that want the best fighter in each division to be champ and that would be determined by making all current champs fight each other until we have only one champ in each division. I know that is never going to happen but it is the ideal situation in boxing for me.
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