I think it's the only option if Jones doesn't want to take a different fight.
Having looked at the roster, there doesn't appear to be any other potential headliners who will significantly help the PPV and that could fill in.
Johnson/Cejudo isn't a draw, but at least it's a title fight, and at least there's some good undercard fights, like Pettis/Barboza, Fili/Rodriguez, Whittaker/Sapo. It's not a great card, but there's been much worse. I think it'll stay on PPV, and the UFC will just accept the hit in PPV buys. I don't think they'll put it on TV like they did Hendricks/Wonderboy, and I don't think they'll cancel outright like they did 151 and 176.