what if the guy holding the title isn't top level?
Well, then that's a bad booking decision... but ultimately the belt will always be the belt no matter who's holding it. It's up to them to decide who's the #1 guy, and every now and then, they've given it to people who weren't cut out to be in that role. But in most cases, the belt just signifies who's headlining. We can't complain that no one gets elevated, but then when someone who isn't a big name star gets boosted into the title picture, wonder why not Brock, or Cena, or whomever else we've been used to seeing with the belt...