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I don't know about Dibiase. He's gotten a face run and he's gotten a bunch of wins, but he barely gets a reaction. If he wins the belt anytime soon, the fan reaction will be "really?" more than "awesome!"
I've argued for Ezekiel Jackson before. I thought his character had potential and he deserved a chance to get over in the ring. But he's just terrible. It would be outrageous to waste Cody dropping the title on him. Almost anyone else on Smackdown would do better with it.
Cody hasn't defended the title, sure, but it's not like he's looked bad. He's getting a strong push and he's one of the best and most prominent guys on Smackdown. Even with the lack of defenses, it will be a big deal when someone beats him for it.