There's an issue of "out of sight, out of mind" when it comes to Triple H as WWE Champion. Sure, he's on Raw, but by not defending the title at Fastlane, it doesn't exactly get him over as a strong heel champ. He would have had more heat, if he'd put the belt on the line at Fastlane, defending it against a popular babyface. He could then have destroyed his opponent, in turn making fans more invested in seeing someone (even Reigns) kick his ass. This would also have worked as a much better draw for Fastlane, rather than a number one contender main event whose result has been telegraphed massively. Granted, Hunter retaining the title would have also been predictable, but it would at least be a draw based upon Hunter hardly ever wrestling. By not defending the belt at all, it is basically just a case of win the title in January, drop to Reigns in April, with Fastlane a filler in between. Fans can see that and lose interest.