It's a bigger accomplishment to win a belt, drop it, win it back, drop it, win it again, drop it, win it, drop it, and win it again in a period of time, than to hold the title the whole time.
I was going to include this lineup from 93-94, but The Sinbad Show ruins it.
The Simpsons
The Sinbad Show
In Living Color
Herman's Head
Well ILC's last season wasn't that great.
And of course there's the trend of the network (usually Fox) planting their stars in the stands so they can get on camera and allow the announcer to shill whatever show they're on.