Going a bit off topic but the Hogan thing to me is just an attempt by the WWE of finding a better draw than Bret, a trend that would repeat itself through Hart's time as top babyface. Hart is one my favourite babyfaces but sadly he could not draw as big as Hogan or Austin. Having Hogan back in the main event scene even for a few months was probably seen as a way of getting more viewers. Look at this way:
But he wasn't in the main event scene. He wasn't anywhere. He won the title and disappeared from the the WWF for two and half months. For the entire seventy days of his WWF Championship reign they basically didn't have a champion; he didn't appear on TV and he only wrestled maybe two tag team matches at House Shows. Hogan wasn't 'back in the WWF', he'd basically stolen the WWF Championship and was using it as a prop to make him look better while fighting for IWGP in Japan. It was a truly ridiculous state of affairs. The only possible reason for McMahon going along with it would have been to keep Hogan sweet so that he wouldn't testify against him in court. That's my guess. Personally, I'd have just had Hogan killed.
Hogan was right about a heel ending WM, the crowd exploded when Hogan won and he send them home happy, like you should do at WM. As for the belt, he just put over his title match, nobody was going to see what he said about the WWF title anyway because it was a PC in Japan, and he's putting over their title to make it bigger. Simple and smart marketing to draw crowd.
Even if Hogan was right about sending the fans home happy, what possible justification is there in putting the WWF title on somebody who isn't going to be there for the next three months? If they wanted to send the fans home happy, they should have had Bret retain the title. And the only reason the fans "exploded" at the end of the match (barring their surprise at the unexpected ending) was because Hulk Hogan was a marginally better option as Champion than Yokozuna (who was still green, and too large for most performers to be able to comfortably work with). As it turned out, Yokozuna still ended up with a massively boring Championship reign so it just delayed the inevitable.
Secondly, regardless of how many people he expected to see it, Hogan shouldn't have talked trash about the WWF title in an open forum. It's disrespectful and it's unprofessional. Also, I completely disagree with the claim that it was "simple and smart marketing" - it wasn't smart at all. If the WWF title is a "toy" and a "trinket", what does that say about the man holding it? He should have bigged up the WWF title, not run it down. By making out that he is holding a piece of crap meaningless belt, he is basically describing himself as crappy and meaningless.