Make no mistake, the early stage of Cena's US Title run was fantastic. The open challenges and the Rusev feud made the belt relevant again. But the reason it felt relevant wasn't necessarily because John Cena held it - while that that helped, the relevance came from the fact that it was consistently being defended on television.
The psychology behind a championship belt is that it's meaningful because everyone wants it - not because of who has it or how long they've held it. For instance, Dean Ambrose was over like rover when he held the belt a few years back. He was always on TV, worked in the biggest programs, wrestled in the main events, and he held the belt for just under a year. Still, the belt had no relevance because he never defended it. Worse, because the top stars who were working with Ambrose never even requested a title match, it further hurt the credibility of the belt. Think about it - if you're feuding with a champion, and you have no interest in taking his championship from him, then you're saying the championship has no value to you...
And that's what is happening right now with the US belt during the Cena/Owens program - a program that will see a second-straight non-title match at MITB. If Owens has a gripe with Cena but doesn't care to take the guy's belt from him - then he's making the statement that the belt doesn't matter to him. And if the belt doesn't matter to the guy feuding with the champ, then the belt doesn't matter at all.
This runs counterproductive to the reason the WWE put the belt on Cena in the first place. If you're going to put the belt on him to rebuild its prestige, then his opponents need to WANT to take the belt from him. This means that Owens needs to demand a title match. Yes, their program can still be centered around Owens gripe of being overlooked for the last 15 years - but he needs to want to prove his point by taking the belt from Cena instead of by merely beating him in a non-title match.
On the flip side, the WWE wants to use Cena to get Owens over - and it'd be difficult for Owens to go over Cena in a title match without winning the title in the process.
So the WWE needs to make a decision with Cena because he can't put over Owens and the US Title at the same time unless he drops the title to Owens and chases it...
The psychology behind a championship belt is that it's meaningful because everyone wants it - not because of who has it or how long they've held it. For instance, Dean Ambrose was over like rover when he held the belt a few years back. He was always on TV, worked in the biggest programs, wrestled in the main events, and he held the belt for just under a year. Still, the belt had no relevance because he never defended it. Worse, because the top stars who were working with Ambrose never even requested a title match, it further hurt the credibility of the belt. Think about it - if you're feuding with a champion, and you have no interest in taking his championship from him, then you're saying the championship has no value to you...
And that's what is happening right now with the US belt during the Cena/Owens program - a program that will see a second-straight non-title match at MITB. If Owens has a gripe with Cena but doesn't care to take the guy's belt from him - then he's making the statement that the belt doesn't matter to him. And if the belt doesn't matter to the guy feuding with the champ, then the belt doesn't matter at all.
This runs counterproductive to the reason the WWE put the belt on Cena in the first place. If you're going to put the belt on him to rebuild its prestige, then his opponents need to WANT to take the belt from him. This means that Owens needs to demand a title match. Yes, their program can still be centered around Owens gripe of being overlooked for the last 15 years - but he needs to want to prove his point by taking the belt from Cena instead of by merely beating him in a non-title match.
On the flip side, the WWE wants to use Cena to get Owens over - and it'd be difficult for Owens to go over Cena in a title match without winning the title in the process.
So the WWE needs to make a decision with Cena because he can't put over Owens and the US Title at the same time unless he drops the title to Owens and chases it...