...they're cheapening their own brands and allowing for fighters to maintain or gain relevancy with or without them. The argument of a fighter avoiding another fighter by vacating a title doesn't hold as much steam as it used to either, especially when fighters can either defer to their advisor/promoter for all their career decisions or they can argue that the opponent's name is not as big as his game at that particular time, or they can simply say the fight is something they will like to make down the line or at another weight, etc.
I say let the sanctioning bodies continue as they're doing. After all, stars have been born by working their way up thr ranks and fighting for one of the many sanctioning body's titles. The fact is there are too many fighters around the world worthy to be ranked, who would simply get overlooked if there were only one title.