To the OP, I get what you are saying and think the unified US and IC belts could use a new name. I can see where you are going with that, and wouldn't mind if a new title was invented from the merging of these once-prestigious belts. Personally, as a fan from back when the IC belt was very important, I would rather the IC belt swallow the US belt and keep its IC name. But, I do feel there should be less title belts in WWE. And for one very important reason...
I think having more belts creates lazier writing. I know I am of the old school and that many of today's fans need titles involved to have interest in a match--even when the title is watered down and irrelevant, as most of them are these days. I also see write-ups of old events by the likes of Klunderbunker, or whatever his name is, that piss on the product of old and do an extreme disservice to all that read it for historical and/or nostalgic purposes. (Which is almost everyone, Klunderbunk---no one reads because they care what you thought of a PPV)
The WWE Universe is too title crazy. The Golden Era was full of cards that had fun matches--with no titles involved--that had the audience's attention and had them enthused and excited about what they were watching. Back then, thousands and thousands of people came to the arena to see Hulk Hogan. Hulkster was the reason they were there. However, everyone knew he would come on last. Some would also have their favorites like Junkyard Dog or Hacksaw Jim Duggan--guys who had a limited move set and rarely got close to a title match, but who the fans absolutely loved. Fans would have a favorite tag team like the British Bulldogs, Demolition or Hart Foundation, who would be in the Tag Title match, or fun teams like The Rockers or The Bushwhackers who were not in the title picture as much, but had amazing entertainment value. There was a place for simple gimmick matches that fit the opponents' charcters (Ex. The Big Boss Man vs. The Mountie in a Jalihouse Match) or a match between two wrestlers that had the same finisher (Ex. Hercules vs. Billy Jack Haynes in the Battle of the Full Nelson) or a gimmick match that fit the storyline (Ex. Jake "The Snake" Roberts vs. Rick "The Model" Martel in a Blindfold Match) And, of course, there was an IC match that people went crazy for because of Ultimate Warrior or Tito Santana or Randy Savage. The card was put in place to entertain people while they waited for Hogan. And, as crazy as it seems these days, the fans allowed the other wrestlers to entertain them. They didn't shit on the show until Real American started and Hogan came through the curtain. Did they chant "boring" during the other matches? Did they yell "What?" like a bunch of idiots? No! They simply enjoyed the whole show and looked forward to Hulk defending his title. DEFENDING his title. For most of Hulkamania, the fans didn't see Hogan win a title. The excitement was seeing him slay the latest giant thrown at him. People were actually rooting for the title to NOT change hands...and they loved their expereince when it was over.
Having many titles lets the writers off the hook. (Wrestler A vs. Wrestler B for no reason? Ok, make it a lame title match, that's good enough.) Less titles would make the writers put thought into programs with the rest of the talent. You know why the titles were special back then? Because only the best had them. Nowadays every mediocre wrestler has some kind of strap on him at one time or another. That is the reason the titles have lost significance. I could go into a whole other rant on reasons why...like too many PPVs and too many hours of TV a week, which require rushed storylines and illogical matchups/feuds. But, I won't. I will just be glad I was around to experience the best days of wrestling. I will also hope that another era of interest is around the corner; but, for the most part, wrestling and all that I loved about it will exist in fond memories and DVDs--and hopefully the WWE Network. I'll take a rerun of The Killer Bees vs. The Islanders at MSG from 1988 over Big Show vs. whoever for the 200th time on RAW.