I just don't understand how it doesn't create an obscene amount of titles.
Let's say there's A, B, and C. All champs, all close in size. Now let's say A beats B and C. A now has 3 titles. There's no point in him having 3 belts, because then there would just be continuous triple champions. So no the belts previously owned by B and C don't exist. But you can't have fewer belts, because why would anyone of a different size from the champ continue to fight. So now you have to give out new belts. Do B and C get to fight for one of those because they were former champs? If so, what was the point of them fighting A?