The division is quite new, so it might have less depth than other divisions.
Also, as fellow sherdoggers stated, the current champion has been so dominant that he makes the others looks like cans
Its not because its new, its because the talent pool is just that low and ALWAYS will be.
There is plenty of amateur wrestlers in the 121 or 125 lbs categories, those were the lowest Olympic weights. But by the time any one of those amateurs transition to MMA, if they ever do, they'd probably go for the BW or FW divisions. 125 cannot work in MMA; add to that i dont even see the UFC hiring many Asian fighters who are ideal for that weight-class. They need to increase it to 130 lb, and LW to 160 lb, and do the same for BW and FW. That's the only thing that can help the FLW division.