To the OP: A most excellent topic, good sir!
I'll begin with the fact that I haven't been able to take WWE as a whole seriously in about six years (rough estimation, although there have been a few truly great moments during that time frame), and can imagine that a lot of old-school fans like myself would be in the same boat.
For starters, the WWE Championship lost any and all credibility the instant John Cena tricked/pimped it out. I have always believed that and I always will. The world title is a sad, broken shadow of its former self, being a relic of the legendary legacy of the National Wrestling Alliance. Although I started losing respect and admiration for anything WWE related a while ago, I stopped taking the belts seriously altogether the moment Vince decided to simply just give them away to just any old swingin' richard that came walking through the door. Lemme explain.
It's happened a couple times throughout WWE history, but the worst of these "door prize giveaways" started happening a year ago when Sheamus won his first WWE Championship from Cena. It seems like instead of properly developing his new guys and taking some time to do so, he believes that giving a guy the company's top honor (and thus the company, essentially) will do the job just as well, and that just isn't the way things ought to be done. So many guys within that company have gone their entire respective careers without even sniffing the leather on any belt. This approach is pretty much stepping over those guys and stepping on everything they've accomplished.
When Sheamus got the belt as quickly as he did, being so little known as he was - yeah it was a shock...yeah it got the company those immediate temporary shock value ratings that Vince is so good at on RAW the next night...but it wasn't right. Let's think just for a second about what the definition of a champion was just six years ago versus what it is now. Being a champion used to mean you didn't just have a belt to get over with. It meant you spent years getting over, you were already as over as you could get, and you carried the company and the era of the time. None of the people who have been champion over the last six years (barring a rare couple) were even remotely championship material. None of them come even remotely close to being the definition of a champion. The rare exceptions are Undertaker, Triple H, Randy Orton, Kane, CM Punk and yes, even John Cena. Notice how most of those are leftover warhorses from the Attitude Era.
I was utterly disgusted when Swagger won MITB and even moreso when he actually won the gold. It completely demeaned and disgraced the World Heavyweight Championship (moreso than it had already been). That was just wrong.
As if his first reign wasn't bad enough, Sheamus was given the belt again almost immediately (if memory serves me correctly). What the hell? Yeah, cause it worked so well the first time LOL. I will admit that I took Sheamus seriously as King of the Ring. I thought that was a good move for the guy.
Then there's Miz. I can't say much that hasn't already been said about the guy. While I will admit that, backstage, he's one of the hardest working guys in the business, on-screen is a different story. He's still a reality-TV reject with no business stepping into anything that even remotely resembles the hallowed ground we've come to know as "the Yard". That he was given any belt of any kind at all is a travesty. The US title grew so stagnant around his waist that it had begun to grow mold. He is the farthest thing in the world away from the definition of a champion.
Now then, last but not least, a word on Cena. I know why people hate this guy so much. I do. But he does have his pluses. Nowadays it's solid gold every time he grabs a mic. Period. The guy can get a pop so easily you'd think his shoes were made of bubble wrap! Sure he has the five moves of doom, but then again, most of the young guys on the roster have a limited repertoire themselves, and some have less moves than Cena (Alberto Del Rio comes to mind). Like him or hate him, he's the face of the company. He's the new definition of a champion in a new era of pro wrestling.
So those are my picks for this topic. Other dishonorable mentions include Alberto Del Rio, Harvey Whippleman as Women's Champion, and any Diva that was ever Hardcore Champion.