Did the splitting of the boxing championship belt into multiple ones lead to the decline in the popularity and notoriety of boxing?

I know they did it so that other boxers could have a chance to make money apart from the top 5 but being able to be a boxing "champion" without having beat the best of the best to get it seems like a cop out. I know on the other hand it makes champions like Klitschko look more legit since he can go around gathering all the belts to become the undisputed champion but that sort of defeats the point of making multiple championships in the first place.