It's wrong that fighters use medically risky methods (such as severe dehydration) to fight in weight classes well below their natural weights. It's also unfair to other fighters unwilling to take those risks. MMA sanctioning bodies should assign each fighter to a weight class where dangerous cuts are not necessary. This would remove from contention some fighters who rely hard cuts and then show up 15lbs heavier than their opponent, but so what - the best fighters naturally in each weight class would contend.
How sanctioning bodies would select the weight class for a given fighter would initially be based on a combination of medical exam, a fighter's history, and averages for fighters of the pertaining height range. Later, a fighter might be permitted to move down depending on similar considerations, but it will become more common for fighters to be moved up, either by choice, or by mandate if they ever fail to make their assigned minimum.
So, under this system, for example, Barao would not be allowed to fight at bantamweight.