What exactly have they bungled? They've given him every chance and tried pretty much everything to make him not suck. He sucks.
He's supposed to be this vicious apex predator guy who is instead booked like a chump and has lost clean on Raw to not only Cena just now but also Kofi Kingston of all people.
He's never actually booked to do anything remotely interesting, the best he got to let out his apparent mean streak is attacking other wrestlers dads in temper tantrum style fashion, then he got to run away from angry Cena before the rumble and flee the arena. Ideally he should be going full on early 2009 with this where he actually came across as the "viper" they pretend he is now.
The authority propped him up as their hand picked guy only to second guess their choice each month following (and then aiding him anyway) resetting any sort of development he's supposed to get in this role.
Now believe me I'd happily have Orton drop the title and go back to aimlessly wandering like the last two years but even I have to stop and look at this as some poor booking to support his big title/face of the WWE push like WWE think those points alone will keep the crowds attention with him. Dare I say if an IWC favourite was having a heel title reign like this I bet people would be griping.
To reiterate I don't care for Orton (i'd sooner have had Cena win that TLC match), I just find it odd that he's booked in this wishy washy manner as the unified champ as well as for the guy who will likely main event WM.
Edit: dammit it's 4:30 in the morning and I'm discussing the finer points of Orton's booking of all people, a true sign that I need sleep.