No. They should get rid of the US belt and give the IC title what little push that belt has. The Intercontinental title isn't worth shit, but it does have a legacy that people look back fondly on. The WWE US title has only been going for 6 years, but it's taken over from the IC belt as the ''premier'' mid card title. Problem is, it'll take years for people to really hold the US title in the same regard no matter how it's portrayed on TV.
I'd say this just means that the Smackdown! writers are better than the Raw writers, if they are different people of course. The IC Title just needs to be booked better I'd say, it's always been on a different show to the US Title so I don't think getting rid of the US belt is necessary.