Well, because there are 4 largest size orgs, each does have their own champion. Most lucrative to sell is tittle fights and def fights, the more on single card the better. Therefore also these minor tittles in boxing orgs etc stuff. If I as promoter do have champ in one org, I might better wish to have for him easy fight for a tittle defense and next too and next too than very high risk fight vs another tittle holder from another org. Of course if he will not be supposedly beatable or at least enough cash income from tickets, brodacasting etc. Beltless, defeated boxers plenty of fans assume as not interesting. Of course there are also negotiations and it it is not easy process.
No real organization. Unlike most sports, there is no single governing body which decides the rules of boxing, markets and promotes the sport and looks after its long-term future. Instead there are four governing bodies (IBF, WBA, WBO and WBC) and they all have their own belts respectively. They also all have their own rules which they bend or break so they can get more money. For a champion to face another champion, need to agree on basic things like where, when, and the split of the purse, which is hard enough. Add in the details such as voluntary drug testing, compulsory fight promotion appearances, equipment to be used, body to sanction the fight, and so on, it gets super complicated. When one fighter is noticeably much higher in profile, they can dictate the conditions and the other fighter accepts with minor amendments. So you get more for less risk and you get your way to fight lesser opponents. You can impose your will on them with small things that give you an advantage like catchweights, rehydration clauses or ring size. The too long, didn’t read version: It’s because they are businessmen first and it’s good business.
I believe they want to hold on to their titles so that they have a chance of getting the Canelo fight.
