Does the Cruiserweight division really need to exist?

[Shpacman]

As for coverage, maybe the reasons they are not being covered is because they simply aren't that great.

No, it's because they are not aired in the USA.
There were some entertaining fights last years -
Lebedev - Guillermo Johnes
Huck - Arslan 2
Hernandes - Alekseev
Wlodarczyk - Chakhkiev
Drozd - Wlodarczyk
Lebedev - Kalenga

Also there were some spectacular knockouts by Chakhkiev and Kudriashov.