I'll argue the side that multiple title changes does indeed damage the prestige of the title, and I will go first.
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Each and every single World Title that was ever been truly relevant to the business was built on long reigns.
The NWA Championship, for example, was built on Lou Thesz's 6 year run with the title. The WWWF Championship (the WWE Championship today) was built on Bruno Sammartino's 8 year run with the title. These reigns by these two wrestlers are what made those championship titles important and prestigious.
Now, I'm not saying that the title has to be held for as long as Sammartino and Thesz held on to them for their prestige to last, but if they're tossed around like a hot potato, then yes... the title's prestige does devalue and people stop caring about the belt.
Let's define the word
prestige real quickly. Here's the definition according to Merriam-Webster:
Prestige - standing or estimation in the eyes of people : weight or credit in general opinion
Now, let me ask you... when the World Title is being constantly being won and lossed, why should people hold it in such high regard? They shouldn't, which is why they don't.
The fact of the matter is that today, belts mean nothing, and it's because they've been tossed around like the workplace ****. Seriously, think about this... one random day at work, this absolutely gorgeous, extremely sexy woman walks through the door and you find out that she's now working there right next beside you. However, if a month later you find out she's been fucked by 3 of your co-workers... will you still want anything to do with her? No, which is equivalent to World Titles being won and lossed every couple of months. Why should people care about the championship belt and whoever has it when they know that he will undoubtedly lose it soon, and that it's already been held by a bunch of losers who should have never had it in the first place?
Championship belts today are a prop, nothing more. They are simply used as a way to either make random matches "important," or give a wrestler something to lean himself on. Again, a prop, and it's become a prop because of multiple title changes during short periods of time. What in the World is prestigious about a prop? Nothing, that's what.