Having more than one belt isn't the problem, the problem is how the champions of each belt are able to avoid each other.
Its the same in mma, each organisation represents a boxing belt, ufc=wbc, bellator=wba, pride=ibf and so on.
In boxing they should have an elimination competition once or twice a year where all the champions have to fight each other, i think they are currenty trying to implement this with the super six competition.
hehehe... but then it would be 100% obvious which organisation sucks, no? :D less money for them...