MM fights are only title fights by virtue of the fact he has a belt, not because of any hype or anticipation thatt goes with most title fights. Yes he's good at what he does and very skilled.
His division however is not providing him with enough to make him a dynastic champion and he's not finishing people in a very short amount of time like Rousey. The Patriots and Red Wings would not be epic adversaries if they just blew out every opponent in all of their finals 4 straight/superbowls by half-time. People other than in Boston or Detroit would yawn, and even people in those cities would not be as up for it as the game will still be devoid of intrigue.
They protected his last fight with Conor and this one they put co-main to Dillashaw vs Barao 2, now they are going to act like "How dare you diss an MM fight? We consider them as important as any other and can headline any PPV we do!" Even though he hasn't fought outside North America since the first Uncle Creepy fight.
Based on the ppv number and how many people inf0 said left the building, less than 100 000 people watched MM vs Bagautinov to the end in Vancouver. That's like a UFC 55 number of viewers. Again, skilled guy, technically interesting, totally devoid of peril and chance of losing UNTIL he fights Cejudo.
If this fight was against Cejudo, they would have something, but they are going to save MM vs Cejudo (if Horguchi loses... not saying I know that will happen but...) for the Mexican audience as they probably should, but for now, MM is lesser than any other top 5 contender fight in intrigue and most of the HW fights to me.