I can only assume that it would be hazardous to a federation to invest long time (a la, giving the guy a title) in someone like Dreamer. This is simply because you never know when WWE's going to call Tommy and say, "Hey, we need you to go on the road this weekend. Ohh, you've got an indy booking? Cancel it."
I never thought Joey Matthews would be a bad champion. Sucks for him.