When casual fans are already struggling to accept or even remember the newer weight classes, I think it's a fabulous idea to follow boxing's path and dilute the championship belts until only truly hardcore fans can keep track of all the championships, therebye rendering most of them meaningless. Are we going to continue to have this discussion five times a week now? 8 male weight divisions and, oh, 4 to 6 female divisions is enough, seriously. Those "Super Fights" won't be so super when he have so many goddamn champions. Furthermore, as already stated, people will still continue to cut as much as they can comfortably cut. They'd actually be fighting further from their natural weight if you give them more options on where to cut down to.
Realistically there is absolutely nothing wrong with the weight classes imo except the HW cap is too low. Raise that shit (don't scrap it though, because forcing HWs to be in reasonable shape is hardly a bad thing) plz. If HW gets a large enough global population then consider inserting a Cruiserweight division at 225 right where the center of talent would be after weight cutting (you'd grab some of the largest LHWs too with this). That's easily five years out though.
Oh, and maybe add Strawweights and Atomweights as official parts of the Unified Rules, albeit only official for female fighters (male Strawweights could still be catchweight matches and male Strawweight fighters are incredibly rare in any place that the Unified Rules are binding anyway, or any place outside of Asia for that matter).