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It has since Big Show got it.
When Eddie had it, the title was starting to gain some momentum. I mean it was introduced on Smackdown, which means it was introduced in a way to give the title some credibility (unlike RAW), and they had Eddie-Benoit in the finals which was a great match on a great PPV. Then they had Eddie-Cena fued over the title, in a fued that started to elevate both guys. Plus, at that time Eddie was strating to catch fire, so the title was being elveated with him.
Then they put the title on Show, which killed the title and Eddie in the process.
Hopefully when they put the strap on Cena they leave it there and they can build the title back up and build Cena up as well.
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