I think the gimmick makes sense for a two night event. I do think that, unless Ibushi is winning at least one of the titles, it might be a mistake for Ibushi to be the one who lays it all out because he could just lose to Okada (or whoever) and that's it.
I'm into the idea, though, if just because they keep talking about the double belt thing and it would be a waste if it was all talk.
I don't want the Climax to guarantee a WK main event anymore, as the tournament itself is big enough to establish wrestlers & limits the field, but I *get* it from the streamlined perspective. Used to it by now, but just throwing that out there. Things like the Goto 2008 win or the rise of babyface Makabe (among many other scenarios) will never happen anymore because of this and that's too bad.
Honestly, I still have issues with even the Royal Rumble being used like this because it limits the possibilities of who can win and the stories you can tell.
It used to be a huge deal when you had dudes like Hogan and Savage set up their world title match as an entirely separate story that wasn't contingent on winning a title shot match, and when those contracts got signed, it was like an event in and of itself. I also liked the idea that the champ could win the Rumble. I think it's why I actually liked the recent Rumble where Reigns was defending the belt in it.
Of course, the G1 is a separate idea entirely, but since they co-opted the "winner gets a shot/briefcase" idea, it's still a similar concept.
Winning the G1 basically means you beat everyone (or the people who beat everyone else) which is a massive accomplishment in and of itself. That trophy still has value, and the briefcase/contract is just an extra bonus that comes along with it. Unfortunately, I don't think we can go back now.