I am not an expert on that time Championship, but he is considered an ATG belt or no belt.
Problem is that the governing bodies don't like him. If he was a solid 175 & calls out Canelo...then the WBC will get him a soft touch to get him...
Sometimes the cash out project gets ruined (unexpectedly) by an underpaid opponent, who they just think they can beat fair n square. Matchmakers...
The fringe ones never reach that far, since they have "smaller" ego or are simply a pocket project for their small-time handler, they catch a Loss...