Cody apparently said in an interview that it was legit, was not a bait and switch or some kind of gimmick. It is legitimately a very talented, well-known wrestler.
How about this theory? Drew McIntyre. They took the title off him in a cheap way. The last contract was apparently signed in spring of 2017. Let's say it was a four year deal with a 60 day neg window and 30 day notice. Let's say he turned in his 30 day notice and that's why he lost the belt. Timing would almost be right.
(And no, I don't think there's any way this is actually the case.)