Maybe the reason people liked the Attitude Era and the Post Attitude Era with REAL, SOLID brand extension more than this era is because at least things made more sense!!!
In the Attitude Era there was ONE, just ONE World Champion in the company - The WWF Champion. Then there was a few other titles but each had their place... the Hardcore title! The tag team title ... it actually had meaning and prestige! There Intercontinental Title had its place and its feuds. The European title and the Light Heavyweight title were the only ones I felt were out of place.
Then in the immediate post-Attitude Era there was real brand extension and Smackdown stars were exclusive to Smackdown and Raw stars were exlusive to Raw and it came after the merge with WCW so it made sense both brands had their top titles and mid-card titles, even their own tag titles.
But now everything seems messed up! WWE seems to only care about building up the WWE championship picture and a few personal feuds. Obviously some effort goes into the World Heavyweight Title picture but there seems to be little to no effort to make the IC title, the US title, the Tag Titles or the Divas title seem important at all!
The WWE HAS talent if they would let them be seen! But they keep re-using the same guys over and over and over again to the point where anyone below them are rarely seen or buried. Mid-carders can hardly even catch a break because they have already established guys like Christian, The Miz, Santino and Cody Rhodes as IC and US champions instead of giving a chance to guys like Hunico, Trent Baretta, Tyson Kidd, Heath Slater, etc. They bury or ignore these guys so much... no wonder they don't get over.
If WWE simplified things a bit more it would help a lot.
Maybe a year from now (after Ziggler cashes in his MITB briefcase) they can start an angle to merge the WHC with the WWE title and just have ONE top title in the company but for the sake of 'Raw World Tours' and 'SmackDown World Tours' they can build up the IC title so it has actual prestige and that champion can travel with the Smackdown show and put on main events.
Then they can build more feuds and relevance to the Tag Team division and I'd really like to see the re-introduction of the Hardcore title and division.
So no, I don't think they should do a reboot to do a draft and make each brand separate again. But they do have to fix the mess they have right now with their titles and Superstars.