IMO, the mid-card belts are having a semi-comeback. They're not as coveted as the WHC and WWE Title simply because they're not being pushed as important titles. In the past, the IC/U.S. title holder was usually the No. 1 contender for the world title, so people wanted that IC belt so they could be the No. 1 contender. Now, the mid-card title holder doesn't even matter, because other top-tier guys are being named No. 1 contenders, which all but nullifies the mid-card belt.
Here's a couple of suggestions as to how to make the mid-card belts more relevant:
1) On the TV shows, make some of the main events mid-card title matches. I'm not saying every week, but sometimes. That will bring some of the importance back to the belts.
2) Make the mid-card belts mean something again. Make the IC belt the No. 1 contender for the WHC and make the U.S. belt the No. 1 contender for the WWE Title. That way, you'd have better feuds and better matches for those belts. Remember when Macho Man Randy Savage and Ricky Steamboat fought over the IC title? That was a great feud and a great program, because they pushed the IC belt as the No. 1 contender for the world title. I agree that the Jericho/Mysterio feud has been great for the IC belt, and Kofi Kingston/Matt Hardy/Miz or MVP have the chance to put some great feuds together for the U.S. belt. But even with those great programs, what do those guys get for such great matches? Do they get a shot at the WHC? No. That only goes to the big name guys who could care less about the U.S. title. The top title pool is too packed with people. That cheapens the mid-card titles, IMO.