#4. Fighter's safety
While entertainment is the name of the game, the well-being of the sport's participants is the number one priority. A sport where individuals agree to throw limbs and contort joints is bound to result in some hard-to-watch injuries, but nothing is as rough as watching gruesome weight-cut footage.
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Losing weight, rehydrating and fighting as a bigger person is the norm. However, it's gotten so bad that fighters are now hesitant to make the move to a more comfortable weight class. If they move up to what's natural, then they're taking on much larger opponents. It's quite a jump from 155 lbs to 170 lbs, and a sweet spot between the two would be ideal for many fighters.
The commissions have tried to do their part to discourage fighters from cutting too much weight. Losing their income is a repercussion for missing weight and using an IV to rehydrate has been banned. While these have been effective, adding a 165 lbs weight class seems to be a much easier answer.
#3. A lot more promotional value
For starters, it could have a lot more double champions. Let's say there is a super lightweight division currently. The champion could fight down and challenge the belt holder in the most exciting division the organization has to offer. Or, said champion could move up to challenge the number one pound-for-pound fighter in the promotion.
There's a lot more opportunity here than the current state of things. Even if the 'champ vs. champ' fights didn't happen, the conversation does a lot in terms of getting fans interested. Anderson Silva vs. Jon Jones was a conversation piece for many years, and it definitely earned a lot more attention when either of the two fighters were taking on opponents in their respective weight classes.