I never liked Jeff Hardy at all as a singles wrestler. Everything he did when he came back around '07-'09 was terrible. I especially hated when they decided to put the title on him. God, those Smackdowns with him and Triple H, ugh. So boring.
Hardy was the most popular wrestler in the world for a good chunk of time during his last WWE run. They would have been crazy not to capitalize on that by putting the title on him. Granted they royally screwed up his booking after that, but they always do.