The beauty of the decision by Cody to book himself out of ever being able to win the title (and yes, that was when he and the other EVPs controlled their own creative) is that now, like 5-6 years later, they are going with that stipulation again for Hangman-MJF and you can realistically think they are actually going to have Hangman lose that match because they've done the unthinkable before.
Does that mean it would be a good decision to have Hangman lose in the short term? No. But it puts believably very high stakes on the match and now makes the match unpredictable.
Would it be a bad decision in the long term? Probably, but it's wrestling, you can always write yourself out of a conundrum. For example, it could be revealed that Hangman said he wouldn't challenge someone for the AEW title, nothing was ever said that the title holder couldn't issue a challenge to Hangman. Technicality loophole exploitation, happens all the time in real life!
And I should know as well as anyone because I always love finding a loophole I can exploit in my own life. At this point, I've probably made several grand in before-tax wages on work I never did just from exploiting the rounding rules for clocking in and out for work.