I dont want titles removed (though I do want a better system) but the fact is that in a weekend if one spent it all in large groups rolling everything in antonica/sh etc he could go up two title ranks no bother at all (this has happened to me), as opposed to the same playtime, with more effort and skill, achieving a small fame increase solo/some grouping. But I dont do the former much because its more fun playing solo/small groups/occasional large groups and fighting EVERYTHING thats even plausible to fight. Losing lots, winning some (hopefully more than is lost but its no biggie), having a blast.
Titles DO however give a broad indication that a toon is "harder" to beat. Partly because of simple logic (higher rating likely = longer play, better gear and decent skill). Its not a direct link (a destroyer MIGHT be much worse than a hunter, we have all met them occasionally) but its useful enough.