They've been building themselves a good storyline here. Bryan is absolutely on fire and putting 1000% passion into his matches and is doing it all for the title.
I don't think it's in shambles at all. Punk's reign was awesome despite it being overshadowed by part timers. He managed to still make the title look great while it was playing second fiddle most of the time.
Also, don't give a fuck about 99% of the AE and it means literally nothing to me that people watched it and enjoyed it. Doesn't mean the title is in shambles now. I still care about it. But the AE did have some good main event feuds in Trips/Foley, Austin/Angle and Austin/Rock.
You HAVE to start giving the title to new people. Especially while someone like Cena and a few part timers are active. The stars of the past need to do their job and get other guys over so that the business can continue. I understand the whole "this guy is too good lol" and "that match wouldn't get PPV BUYS~!" but what else can you do? Keep using part timers until they're gone and then literally do nothing when you could be building plenty of perfectly good superstars that you already have. Losing out on money now to make money in the long run because there won't be any money in the long run if they don't make new stars. Wrestler's careers are getting shorter. You're not going to see a 53 yr old Cena wrestling.
That's kind of...rude...
There are parts of what the OP says that I agree with, and other parts that I don't.
To start, yeah, the WWE title doesn't mean very much these days (in comparison to other years), it seems. That's because of a combination of things. First of all, the major attractions that make things seem really special don't center around the title. Back in the day, when certain guys were involved in something, it was automatically a big deal. Today, those guys are part timers who seldom wrestle and when they do, it doesn't involve the title. As a result, some of the focus gets taken away from that. Second, there are really no big time matches or rivalries left that the WWE hasn't done to death. Third, matches in general don't seem to mean much these days. Like, Ryback vs Chris Jericho...really, who cares who won? It was just...there. 99% of what they do today feels so clumsily thrown together just to give guys something to do. When you watch it, you feel "wait, why do I care again?"
The other problem is that, unlike in 1999, there are really no characters in the WWE anymore. The OP seems to have that theatrical affection for pro wrestling that many of us do. Whenever you hear of a media interpretation of what wrestling is like, its always something like fantastical like "Crusher Collins vs The Exterminator" or something. Guys who, just by saying their name, sound larger than life and generally interesting. "Stone Cold vs The Rock." "Triple H vs Cactus Jack." "The Undertaker vs Kane." Just say those out loud, slowly. They sound intriguing. An Undertaker wrestling? That sounds kind of important.
Then compare that to today. Daniel Bryan vs John Cena. Damien Sandow vs Cody Rhodes. CM Punk vs Brock Lesnar. Aside from Punk, the rest of the names sound like completely ordinary, unexciting people. What real hook is there to want to watch them? If you're a wrestling fan and already know of them, there might be one. However, to a regular person who knows nothing about the industry, they'd probably not care. It sounds kind of boring.
The era of characters has, unfortunately, largely left us. Now, either we get crappy characters or none at all. To go from a time so rich with vibrant, memorable characters to an era where there are virtually none is shocking, in a way. This really is the reality era, it seems. Not like reality TV, but regular guys wrestling. The Daniel Bryans and the John Cenas. John Cena is a real guy who happens to be a wrestler. The Undertaker is a character portrayed by Mark Calaway.
There's also the fact that pro wrestling in general is in a dark time. Sure, financially, the industry is doing fine, but in terms of actual mainstream popularity and mass appeal...cold as a tombstone in the snow. There were periods of time when the world was all over pro wrestling. It was trendy and considered cool to be a fan of. 2013 is not one of those time periods. People in general don't seem to give a crap about pro wrestling, aside from those who specifically choose to follow it.
So in all, I think its a combination of matches meaning basically nothing, lack of memorable characters and character development, this reality era and the fact that the industry as a whole is in a big slump that contributes towards the title, and the company, feeling somewhat empty and meaningless.
Now they're making headway in improving that. Guys like Bray Wyatt are just the sort of memorable characters we need. And Punk is doing great stuff, as well. However, a boom period can really only happen when the right guys and right situation come at the right time. You can't force that, it just happens. As for improving the prestige of the title and point of matches...that's going to take some time. Yeah, its nice to see Daniel Bryan wrestle for 40 minutes, but if he starts doing that every week on Raw, by week 3 the novelty will have worn off and people will get tired of it. I think the first thing they need to do is cut the damn show (Raw) back to 2 hours. Then, stop with the lengthy matches and start working on developing feuds and characters. The TV shows should convince people to buy the PPVs. Sell your feuds and angles there, and get the lengthy matches on the PPVs. All 3 hours of a wrestling driven product does is eliminate time to develop characters and needlessly waste fresh match ups. If you see Wade Barrett vs Sheamus once on TV, what reason would you ever have to order a PPV to see it a month later? Now in this case, Barrett vs Sheamus has been done about 8000 times. What about Punk vs RVD? Same scenario. Use television shows to hype matches, not eliminate future match ups with some novelty for no reason other than to fill up time on a show that's way too long.