It's a business predicated upon the concept of two men pretending to hurt each other - when they are in fact doing everything possible to protect one another (in their underwear, no less). A wrestler can suddenly become stronger by simply obeying the rules. There are sensors in the backstage area which can be triggered by DNA recognition to play a specific wrestler's entrance theme.
Accordingly, it has to be held together very closely at the seams in order to keep it from falling in on itself. To keep matters from descending into farce, the title belt is used to both legitimise the business and provide justification for its existence.
Why else would a ballroom dancer be a wrestler, if they didn't ultimately wish to be known as the best and receive the remuneration that comes with winning and holding a title?
Regrettably, there are times in which championships are devalued. This can happen gradually. A promotion might lose interest in a title, often even neglecting to book matches for it on several consecutive pay-per-view events, leading to indifference.