If the company decides treat the championship like a secondary prop at any stage rather than the main one then we have a problem. In your example for instance, I say it doesn't do much for either at the current stage. Del Rio isn't a huge star despite his title wins, while the championship prop can't do much except be a centrepiece for a particular feud. If the belt ever were to be "devalued" as no longer being the "holy grail" but a convenient afterthought, I'd say it falls on company shoulders more than those of fans.
It's interesting that the Tyrion fellow appears to be so adamant in sticking to that idea of "World champion>anything else" considering he's at that point in his fandom when he can look at something and read between the lines, instead of buying kayfabe accomplishments at face value.
It's still real to us all, damnit!