Masvidal made a great point in his latest interview, and it helps illustrate Dana's approval of this whole Baddest Motherfucker Belt thing.
He talked about why he was more interested in the Diaz fight, compared to a title fight against Usman. His reasoning was, he would rather take fights that are entertaining for the fans. He talked about how Usman (and Askren/Khabib) are "point fighters". They try to win by accumulating points and sticking to their strengths, not taking any chances or considering the fans.
He on the other hand, wants to put on exciting fights, knockouts, finishes, a true "show" for the fans. Dana subscribed to this, as he is all for the BMF angle. No one wants exciting fights more than Dana White. Epic slugfests/back and forth exchanges are what sells tickets, and that is what drives UFC profit.
Yea title fights and the ranking system are important, but at the end of the day entertainment is king. Guys like Usman and Khabib do not provide entertainment.