Obviously not Val's fault specifically, but there's just such a clear demarcation line after Ken Shamrock. If Val stood alone then it could be like the earlier-mentioned HTM situation where they got back to using it as a serious launching pad for people who did, or more reasonably could have, reached the biggest stage.
Venis --> Road Dogg --> Goldust --> Godfather, all in the period of two ****ing months mind you, was a clear announcement that the days of the belt as a launching pad were dead. It was now just going to be a cheap midcard prop. Giving it to Goldust in 1996 was understandable. In 1999 he obviously wasn't going any further up the card.