It was basically WWF's answer to WCW's Cruiserweight Championship. The problem was, Vince never really took smaller guys seriously. While there were some good matches involving that belt, it was never treated with the same importance as WCW's Cruiserweight title—which regularly delivered some of the best matches on the card. WCW had an incredible roster of smaller guys during its peak and all the best luchadores in the business.
Exhibit A - one of the greatest wrestling matches of the 90s:
I don’t think they should bring back the Cruiserweight or Light Heavyweight Championship today. In modern wrestling, the perception of smaller wrestlers has changed drastically. They're now appreciated for their speed, tenacity, and skill—and if they're good enough, they are elevated to the main-event level too.