Pretty much. I don't know what they think they're accomplishing by having the mid-card champs lose week in week out to guys who are perceived as being above the belt, but it's almost as if they see the fact that they hold a belt as a get out of jail free card, like they can keep jobbing them out because they're protected by the belt's limited prestige.
There's been too much logic breaking shit in WWE over the past few years - say what you will about a more serious, sporting style presentation, but at least there's logic you have to adhere to. Like that whole shit when Hunter was COO and the locker room voted 'no confidence' in him because heels were being heels. Shit made no sense, just like it makes no sense that someone like Ryback (who may be above Cesaro in status, but doesn't have any gold) would turn down the opportunity at the title shot logic dictates he should receive.