Only they didn't actually do that. Tito tweeted about it and half the MMA community took it as fact when in reality they only counted from the establishment of the current weight classes (UFC 31, I believe) which excluded several of Tito and Chuck's wins. They applied it consistently and if they hadn't Chuck would have been number one. So, I think that's the least out of line thing they've done. Had they left Chuck's wins or something, sure, but they didn't. So, they didn't erase Tito's history, they just used a specific set of criteria under which Tito doesn't have enough wins to be on the list. That's all there is to it.
Anyway, to answer the topic, cutting Jake Shields is my answer. Even with his fights not being all that exciting he was still a top level fighter and probably at least somewhat of a draw. At least with Fitch you could argue that he was 1-2-1 in his last 4 prior to being cut and the win wasn't a "top" guy at the time, Jake was 2-1 with 1 no contest. His last two victories were over top guys who are still in the top 10 today (Woodley, who's possibly in the top 5, and Maia). Cutting him makes no sense and I still can't believe they did it.