Has it lost it's meaning? I don't think so. I mean, it symbolizes that at some point, you were considered the best in that company, the premiere company in wrestling history. Now, reigns like Kane's 1-day run and Rey's now infamous 1-hour run have tainted what that means, Vince McMahon holding the title for a week, and I think even these pointless runs like ADR's was demean it, too. But, it still means that you were the best among the key players. Guys like Hogan, HBK, Rock, and Austin, among countless other icons, gave their best matches fighting over that belt, and you can't deny that that still means a lot in the wrestling busniess.
However, that title alone, the WWE Championship, not just the WHC (that's still the same WHC that David Arquette held onto,) has lost a lot of its value with lazy booking and mistake champions. ADR's recent run killed me, because we're just going to look back and wonder, "why?" It was just a waste of time and such a dumb reason to put someone's name in the record books. You used to have to be a big deal to hold that belt. Say what you want about Hogan, but the fact that, for the most part, only like, 5 guys other than him got to hold it after 84' (I'm too lazy to double check that fact,) added so much prestige to that belt. In order to get it, you had to fight for it. You believed that the WWF Championship meant you were a real champion; you were a fighter and you clawed your way to the top. Legends like Sgt. Slaughter, who is considered the weakest of the champions during this period, made you believe that the title was something to be coveted. Even though Andre himself only held it long enough to hand it to Ted DiBiase, you still see his name on the records and know that it was legit, because he was definitely an icon and he fought to get it. Even though Kane only held it for a day, you see Kane's name on the record and know that he was still legit and a key player, during that time. When you see ADR's name and remember that he just got a throw-away run for a month and then dropped it back to Cena, you'll get mad and remember that no, he didn't deserve that.
There were guys 5-10 years ago that kept the prestige going. Angle was a legit wrestler and you had to really fight that guy to beat him. Brock Lesnar was a great champion for the same reason. Also, remember when Eddie beat Brock to win his first and only title? Had anyone in the history of wrestling fought harder to get that title, kayfabe and in his real life? We're talking about ADR having his name on a stone that Owen, Piper, and Perfect all three couldn't get their names on. That definitely cheapens the value of that belt. Among top stars, Batista, Orton, and of course Cena just passed that belt back and forth too much. HHH has had too many runs.
I guess what my argument comes down to is this: it just changes hands too much. When you look at the title history of the belt, you can make a big observation quick:
Before Cena took the belt back, the first champion was Buddy Rodgers, who had one run, and the last champion was Alberto Del Rio, who held the belt for just as long and has had just as many runs. Is ADR on the same level as Buddy Rodgers? ...I'm not even going to dignify that with a sarcastic response. Too many people get a turn, and that cheapens it.