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Im not sure about your #2 point, I think Conor would happily take another big fight if the opportunity arises. Basically hes waiting for opportunities in regards to fighting and keeps his name relevant as best he can.
The UFC will rationalize any weird fight as long as they think it will generate a lot of money even without Conor there to help. "Im giving my friend CM Punk a shot" "its what the fans want" and so on
I don’t think his pride will allow him to take a step back. At this point in his life, he doesn’t need to play catch-up. He will go big or just stay home and he still has the clout to do so.
The UFC can’t pay him “his value” and not sell well, they know it has to be a blockbuster of a fight for the payoff to be worth it.