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Seems like it's exactly what it needed, a way to get GSP out of the way.
He vacates, and then gets to fight Conor or Silva or some other fight they can sell on name alone.
That's true, I was thinking it would be a bad look for the credibility of the UFC to have another champ win a belt and then never defend it but why am I thinking that? The UFC abdicated on credibility quite a while ago.
You're right this makes it even easier for him to fight Conor (Hey, I can't maintain the weight I need for MW). I think that fight gets more likely every day (assuming Conor doesn't Tyson his career into oblivion and end up in jail which also seems more likely every day).