I suspect there wouldn't be as much hate for the rematch clause if more of them were on the weekly shows. The rematch itself isn't the problem, it's the abuse of it, especially when they have a couple people trade the titles back and forth. While getting rid of the automatic rematch could be great, I'm not sure that it'll have a great deal of impact on its own.
I would say it would be less if everyone always gets rematches.
I mean fine the champion loses them getting a rematch would be fine... BUT ... they almost always have the challenger getting multiple rematches for no real reason and then the champion gets one... so it was like several years worth of matches against each other by the end of the feud.