In a perfect boxing universe, the title "world champion" would carry much more weight than it does currently. A fighter who wore that title would stand alone at the top of the mountain, above all his peers.
In a perfect boxing universe, "world champion" would refer to just one man in each weight class. If any legitimate, competing claims to the title ever arose, arrangements would be made to settle them in the ring.
Of course, the boxing universe we live in is far from perfect. Not only do four different ranking organizations recognize champions, but they delight in further muddying the waters by designating "super" world champions and "regular" world champions, as well as assorted "interim" world champions.
To be a world champion in boxing should mean your name is instantly recognizable to casual fans. As it stands now, we have plenty of "world champions" who aren't even recognizable to serious fans. Heck, most serious fans don't even make it a special point to keep track of "world champions" at this point.
The sport could be doing so much better at this, although it would take major cooperation between rival promoters Top Rank and Golden Boy, as well as between rival networks HBO and Showtime. But it would revive fan enthusiasm for the sport quicker than anything else.
In the long term, it would be a boon to anybody involved in the boxing business.