Even if it happened, I fear it would not be too long before someone in a position of authority realized that contender a would bring in more money than contender b, then they start spreading it around and we are back to square one. Even with just one belt and one champion a certain level of curruption seems to be the human condition. I guess we just have to carry on as we are, with each fan having their own mental P4P/divisional rankings in their own head and tuning out those of some others!
Although I am with everyone in that there should be less titles, it opens up a new can of worms... There would be a lot less stars, and a huge number of contenders would be constantly on fringe level, never getting a shot. It might help sort out a true number one, but it wouldnt get rid of corruption as a whole.