Yeah, the Smackdown womans belt is definately an after thought. Even the NXT womans belt seems to be way more hyped.
I think they either need to pull the trigger on a Sasha feud, or do some sort of throw away multiple womans match (which potentially helps plant the seeds for a Bayley/Sasha feud), because right now they've got nothing. I think Bayley has gone through pretty much every woman in the division worth facing except for Alexa... but I'm assuming they are saving Alexa and Nikki for the tag team championship match since they're literally the only face tag team.