Ironically, WWE has seem to stop catering the European fans, as much as they did before. Back when the European title was made, WWE had 2/3 EU exclusive PPVs. Plus they ran tours.
I don't think it deserves a return because the Intercontinental Title already fulfills the need for a continental title. It was utterly useless after Shawn Michaels won it. Nothing more than a prop and was handed down more often than any other title not named Hardcore. It had no real purpose anyways, as a lower midcard title, it didn't make much sense why an American promotion would be promoting a European title. Especially, if the majority of champions weren't even from Europe.
It was unique, but I don't think it warrants a return.