Name me some of these contenders you speak of. And not just big names either. I mean guys on an impressive win streak. After Hendricks there's nobody even close to being a contender. Out of the top 10 fighters in the division, 4 are coming off losses, 2 are on a 1-fight win streak, 1 is in a different org and the 1 doesn't even want to fight the champ.
I mentioned Ellenberger and Fitch because they just won their last fights. One of those two will most likely get the next shot after Hendricks.
Strikeforce WW champion Nate Marquardt
former MW title challenger Demian Maia
former Strikeforce WW champion and top five fighter Nick Diaz (and GSP's pick)
two time NCAA Div 1 champion and winner over Koshceck, Fitch, and Kampmann Johny Hendricks
But lets give your standards for a second. Let's look around the league.
Cain Velasquez - 1 win and a title shot
Chael Sonnen - lost his last fight
Nate Diaz - 3 fight win streak
Frankie Edgar - lost his last fight
Jon Dodson - on a reality show last year
So according to your standards four divisions have invalid title fights. Long win streaks are good but they are also somewhat rare.