#3 Another title could give younger, less established AEW stars a chance.
Top stars like Orange Cassidy, Jungle Boy, and MJF haven't won any titles in AEW. Private Party and Top Flight are both young and could be the AEW Tag Team Champs in the future.
By creating or introducing another title, it would give those younger stars a chance with a belt. If their run with the new title is successful, then it could pave the way for an AEW Championship run.
Wardlow is a throwback to the old days thanks to his towering physique. He could be a future AEW Champion. Sammy Guevara is clearly one of the most talented stars in all of AEW but his career record is 26-23. He's very far away from being AEW Champion, but his talent is undeniable.
Since a good portion of the AEW roster are newbies, it would be a good idea to introduce another title. Some of the younger talents might have a long road to a title as opposed to someone like Allin or Orange Cassidy.
Mid-card titles used to be used to see if a performer was ready for the main event. If a star's run with the mid-card belt was successful, that star would eventually challenge for the World Championship.
That's what happened to Shawn Michaels and Bret Hart before running as the WWF Champion. The new title could give some of the younger and less established stars a chance at a title.