To some people still, I suppose. With the absurd proliferation of BS titles, I don't count it for anything unless we're talking about the true lineal championship or at the very least unifying all of the belts, neither of which Nonito bothered to go for at 115 or 118 anyway. For me, fighting the best competition is more important for legacy than holding different paper titles in three (ridiculous!) classes that span 7 pounds.
The guys you mention at 122 are "good" but they're obviously not as good as the top guys at 126 and there's no fight around these weight classes anywhere near as big/important as Donaire/Gamboa would be. Instead, what will happen is that Gamboa will have outgrown 126 by the time Donaire gets there and we'll never get the fight. Hardly worth it just to see fights against Arce's leftover and, if we're lucky, against some other B+ fighters.


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