Yes, during the monday night wars WCW and WWF had more titles then they do now but that's because both rosters were stacked with talent, so there was always something to do with each championship. It's not like that now, that's why Alberto Del Rio lost to Sheamus 3 PPVs in a row last year challenging for the world title or why Miz lost three chances at getting the US title off Cesaro. Title shots should be something special that is earned. Not something just given to someone because they have nothing else for them to do.
I agree the WWE's booking is terrible right now. But they still don't have enough talent to have so many titles right now.