Competing for a title. There's only one title unlike boxing. Or cousins? Will happen one day. The UFC will have to introduce more titles.
The UFC are already struggling to fill out their divisions with contenders. They almost cut their Flyweight division, the heavyweights are a total mess, and they seem less and less enthusiastic about the womens divisions now. Its why Zuffa wont represent every boxing division, because its literally impossible for them. 17 weight classes with 20 contenders each is 340 boxers. And you know 20 wont be enough to sustain those divisions, so the total number will easily grow past 600. Remember, it took the UFC over 20 years to get to a 500 athlete roster. Simple economics of scale. Oh, and the new UFC owners are all about profits, so they wont want to pay for more athletes just to have another division. A new division wont bring them more money, but it will cost them to sign the additional 40 plus athletes needed to fill it.
Don't be fooled by the ufc's smoke and mirrors. At 155 the ufc has 3 belts currently, they are very much like boxing although not as bad. Don't forget several fighters have received ufc title shots coming off loses so don't believe all of Dana Whites lies. A complete farce that Armen Tsarukyan wasn't in the interim title fight recently.
Let Merab & Aljo be a example, Merab kept beating up contenders whilst Aljo reigned as champion until Aljo moved up or lost the belt somehow. Tom Aspinall said he would vacate the belt if his mate was deemed number1 contender. So basically it makes no difference at all, just whoever gets the belt first keeps it till he loses it and the other then steps in.