I respect that Chael isn't ducking guys, and I by no means would call him coward. But as this has been said I also need to say that I don't buy the claim that he is the most courageous fighter, or one of them, around.
The reasons why he fights anyone anytime is for these two reasons:
a) He has never had great legacy, aura or win streak. He has good legacy with good performances and his 3 fight win streak in the UFC etc. have been good but he has never had anything to guard. He has never amazed anyone, he was undefeated only for his first 6 fights against nobodies, he lost his UFC debut and he has always been "that other guy" by his credentials. He has been defeated 14 times and finished 13 times. He's like the greatest journeyman/gatekeeper in history and has reached contender status many times too, but he's always been the guy who comes there to compete and doesn't really seem to care that much whether he wins or loses.
b) He turtles up when it goes bad for him. I would probably too instead of taking meaningless damage. Doesn't change the fact that he knows that he either wins or loses without much damage. Not very scary for pro fight veteran! Even after being finished he looks like he was having sparring instead of title fight.
This is not fighter bashing, I just don't think he is most fearless guy around. If he had legacy like Mayweather or if he always fought till' the end like Cigano and he was still willing to fight anybody up to HW on 3 days notice while injured, I would understand the hype. He just doesn't have anything to guard and he gets props just by showing up against anybody even when losing. Win-win situation.
InB4 angry Shael fans crying or angry moderators Wastlanding this bish.