Like I said, it SHOULD matter. Just like championships SHOULD matter, but every now and then you get a title hot potatoe'd or they put the belt on someone who is clearly not at that level (by the way, good luck in your free agency, Jinder Mahal!), and so forth.
For L.A, Knight, winning Act I of whatever isn't all that. Mania should be the blow-off. If Styles vs. Knight keeps going well beyond that, then that's a misstep on Triple H's part, in my opinion.