Yeah, I'm not seeing that Owens is dropping down the card. Owens looks to be still in the midst of a feud with John Cena, if Monday is any indicator, though it's also possible that this feud will be ended for now and picked up again later on down the road. Owens' feud with Cena generated classic matches and has established Owens as a genuinely "popular" heel, his merchandise is said to be a big seller and if that hasn't elevated him in the eyes of Vince McMahon, I don't see how anything else can.
As has been pointed out, the United States Championship is a mid-card championship, it just so happens that it's a championship that's been elevated by John Cena over the course of the past 4 months. Given that Owens is a heel and that he's been after the US title, remaining in the mid-card as a whole is a perfectly logical idea. Logically, why would Owens go after Seth Rollins at this point? Both of them are heels, there's no one for fans to "cheer" for and Owens has list 2 matches in a row to Cena, albeit incredible matches.
All told, we've only seen Owens wrestle a handful of times when you get right down to it, so it's not unreasonable to want to see how he does against others who aren't as big a stars as John Cena. A feud with Cesaro is possible, so is a program with Rusev, possibly there's going to be a threeway feud between them for a while that can serve to elevate all three of them, hell, maybe it could be Owens who feuds with Sting upon his return. While it's unlikely, they could just have Ambrose & Reigns feud with Wyatt & Harper while Owens feuds against Sting.
If we start seeing Owens feuding for any length of time with R-Truth, Adam Rose or Fandango, then I'll start worrying about WWE "ruining" him.