It already happened. It was called the IBC, and it was much more corrupt than it has ever been today. It was literally run by killers and Gambino crime family, and ran 47 of 52 World title bouts at its peak. I did a report on it for a project. The only advantage was the better match ups.
Chris Eubank Jr the #2 SMW? Hmm, your rankings aren't necessarily bad but I'm curious on what your criteria is.
Multiple belts isn’t as bad as people think, it allows to create more names/stars therefore amplifying the champ when there’s a unification. Joshua was a big deal cos he unified some belts, but really if they weren’t belt holders it would just be a guy beating a bunch of contenders and not champs. Nothing confusing about it, people can identify who the man is or debate it until unification.
We all know it won't happen because of the ridiculous sanctioning fees each governing body is raking in.