#2 To add a comedic element to it

Another thing that was clearly established with the three new champions being crowned is that comedy will be the central theme of the title. While WWE is obviously going to have superstars talk about how prestigious the title is, the reality is that it won't be all that prestigious.
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But that's ok, because ultimately, a title is a prop to serve a purpose and the purpose of this is mostly going to be for comedic purposes. That works out well especially if you have superstars like R-Truth constantly holding the title. The entire segment where Titus O' Neil became champion only to lose it right away and then Robert Roode's hilarious escape from the roster was all comedy gold and that's what we're going to be seeing with the title.
It's not necessarily a bad thing because the show does need to add solid comedic elements to it. It's pointless to always have a serious show.