The WWE could install a few guys as US Champion and I'm sure the matches would be as every bit as entertaining but it would take a lot more effort to give the belt the same amount of prestige as Cena has.
I like him in that role. It's fresh, keeps him out of the main storylines and gives you the odd match that's designed to be great. I just don't like them pairing him with Owens where neither guy should really be losing.
Owens as a MitB holder would have been far more intriguing than Owens as a US Champion. They should really just scrap the briefcase concept since it hurts more than it helps but I've flogged that dead horse as much as my 'NXT should be treated as a viable brand, not developmental' agenda.
You raise a good point mackdaddy. I like it when guys have multiple feuds. Sadly, I think the reason they don't do it is because they feel if you put guys into too many feuds, it dilutes the feud they're trying to sell on PPV or the Live Events. I think it's a cop out and you could have it where say Orton is tagging with Ziggler, while feuding with Sheamus, Barrett and even Slater. It'd just make things more multi-faceted and interesting.
On a similar note, they need to alternate the focus of each episode. Not every episode should be about Seth Rollins as champion. Make the odd episode about Roman Reigns taking on Bray Wyatt or Ryback defending his IC Championship against his toughest opponent. Hell, you could book a Smackdown around the Prime Time Players instead of making it an Authority sanctioned tag team match featuring Roman Reigns or Dean Ambrose as one of the partners.