Why is everyone so hell bent on bringing back the European Championship? That title sucked lol. It was nothing but a subordinate to the IC title on par with the Hardcore title, although that used to at least have a purpose behind it, while the European was just a replica of every other title, minus the prestige and worthwhile wrestlers to back it up.
Plus, Regal isn't going to beat MVP for the US title. He's going to be steamrolled. MVP's someone that they want to start pushing to actually matter, while Regal has proven time and time again that he's not trustworthy and doesn't deserve the push. Essentially, this is a short feud for MVP to dominate in and look strong coming out of so that he can then feud with Miz, Matt Hardy, and the other midcarders that actually matter. Its just convenient that Regal gets a little bit of a rub by competing for the title at the same time.
If he DID somehow win it, then I wouldn't mind them trying to make it into an angle where he does try to convert it to the European title, and then someone else "stands up for America" and wins it back, although that type of stuff has been done before, and it would require Regal to have it for quite a while - something I definitely wouldn't want to see, nor do I think we will.