From what I've read over the years they thought about it, tried him with
Hogan (they were last 2 in the Rumble one year), but they just didn't feel he had "It" to headline, despite his great talents, one of his biggest problems was his injuries though, from the middle of '93-'96 he was on the shelf and prior to that he'd be injured and just managed
Flair. Dude was great though, but so were guys like
Jake Roberts and
Ted Dibiase but they never held the big one, heck Jake never held any titles in
WWF/E, but most say he didn't need one, a title may have prestige and value but its also a prop to get someone over, dude was way over.
As for
Punk being undeserving, get away, its nice to have someone who doesn't fit the generic
Orton mold, he is a great talker, wrestler and has his own unique look (and if I remember correctly you think he looks like a jobber?), I'm gutted his current reign was short lived, he was doing really well with the belt, his heel character has been a joy to watch, you need to get
Smackdown D 