Some people in this thread made the very interesting point (that I never thought of) that fighters are being held back from title shots, which means they rack up a long winning streak before they get the belt and not after it, which seems to be happening as their peak winds down. Combine this with the UFC disincentivizing active champions (untrustworthy matchmaking/judges/refereeing, low wages, Dana White privilege, etc.) and we get the situation we're in now where nobody gets a chance to shine because it doesn't function like a meritorious sport any more.