I don't get it.
They don't even wear pants. What's the point?
I lol'd. VU. 
I don't know if you're being serious but I actually do think it's completely ridiculous. I also think it's marketing hype because no one is the best fighter in the world. There's just no such thing as a fighter that cannot be beaten.
They should just run tournaments and have tournament champs. Winning a few tournaments in a row is much much more impressive than holding a belt for a few years especially with all the rematches, injuries, and squash matches, etc..
Hard to disagree with AlbertEinstein's logic.
If you're a champ and you defend your belt 3 times a year for multiple years, I think that solidifies you as the best in your division. However tournaments always deliver for the fans. Doesnt have to be multiple fights in one night either.
Fighting for a belt and purse.
It should be something they can wear during fights. Like goldmember short shorts.