That's not creative that's lazy creative. Having a title and using it as a crutch for a match each week is pointless. There would be no story behind it. It would be 2 guys fighting each week for the sake of it and would get boring quick.
I think calling that idea even "lazy creative" is a little too much credit.
It's basically a title that'd probably be lower than the U.S. title on Jericho that is defended at mandatory weekly. It's like a day the guys backstage can't even come up for a reason for Titus O Neil to get beat up so they make a title for filler Raw matches. Even the throwaway matches on RAW stem from some sort of interaction despite how trivial it might be. Not even sure why or how the time limit deal would benefit it either.
Anyway, the 24/7 Deal.
The promotion WrestleCircus has the WC Sideshow Championship. A masked wrestler named Jervis Cottonbelly had won it off of Joey Ryan. They had built kind of a following from posting on Wreddit (Squaredcircle on Reddit) and Jervis had submitted a post asking for Squaredcircle to help him defend it. Due to a 24/7 rule though he had said he submitted, and a referee literally popped in and crowned the subreddit champion. I think it's in a 5 day current reign.
Kenny Omega had also done that prior with the whole "King of anywhere match" deal and it was entertaining. Kota Ibushi had also done similar, and there's a few other cases of the idea being implemented like the Young Buck Superkick championship's, etc.
With that being said I'm not sure how this would fit into the current WWE landscape. I think it'd be just a good as time as almost ever in comparable history, but a lot of the fun with these titles / matches came from either things WWE would never do or pure random insanity. DDT is probably the best example of a promotion doing stuff like this idea on a regular basis, and it's basically a parody. It seems for more of a "Smart fan" circle jerk than an actual thing people would want to see like the WWF/WWE Championship deal.
It is heavily gimmicky in a way that almost blends in perfectly with Indy's that blur lines or Parody / off the wall promotions. If they did anything like this I would hope they had some kind of innovative spark or direction for it, because I don't think it'd play well. It's kind of like when after the CWC a lot of people wanted a Cruiserweight title and then we saw the product we got and were like "Nah".
Also with the brand split I don't see this being a thing considering you have the NXT set of 3 Belts. The WWE UK Championship which has popped up in several Indy promotions already. The Cruiserweight belt which is mostly on 205 live story line wise. A women's belt on RAW and Smackdown that is in the case they they could even benefit from a second one and a more filled roster. Two sets of tag titles. A Universal championship and WWE title that are feuded over by top guys, and then the IC and U.S. title which is feuded over anyone and everyone near or sometimes even in the Main event scene. Then they've been mentioning other championships from different promotions. They mention the IGWP title like some kind of prestigious award when they had mentioned Styles had it, and were talking about how Lesnar held it to. ROH titles have also been mentioned.
There is just too much to take care of when you're a company even like ROH / TNA. Then if you're on NJPW's level or even around the Mexican scene there's even more. Then when we get to the massive global giant that is WWE you have enough on your plate. There are things like Southpaw Regional Wrestling that only has 4 episodes less than 10 minutes each that fans already love and are demanding more of. Then I think literally every single match on the Wrestlemania card has a legitimate complaint about it maybe minus Neville and Aries.