It's pretty pointless really. It's a gimmick title and gimmick titles have no meaning in and of themselves. Back in TNA, the Legends Championship, which is now the TNA Television Championship, was created as sort of a prop belt to go along with Booker's character. Even though the title became "legit", it still carries the stigma of being just a prop/gimmick title and it's value in TNA...well it's never really had any value or prestige in TNA. You also had the Million Dollar Championship that was made for Ted DiBiase back in the day and it was just fine because it started out as a prop and it stayed, for the most part, a prop.
I like Zack Ryder, don't get me wrong, but Ryder is someone that's really caught on with the IWC. To listen to some of the posts some people write on Ryder, you'd think he should be in the main event spot by this time next week and that he's the most popular guy on the WWE roster. Zack Ryder is NOT nearly as popular as some in the IWC make him out to be. He's a talented wrestler, he's also a very young guy that I'm hoping is just paying his dues in WWE right now and could have a very bright future ahead of him.
I have no problem with them using this title as a prop. It's harmless. It worked for DiBiase's MDC back in the late 80s and early 90s. But if they start trying to treat it as if it's an actual WWE sanctioned title, then I don't look for anything good to come of it.