No, not at all. If anything, what they're doing is pretty genius and could make both men into much bigger stars.
Because of the nature of his gimmick and with an amazingly strong backing with Zeb Colter, I'm sure Swagger will start getting massive heel heat heading into Wrestlemania. He's already kind of broke into mainstream media with it, and its only been showing for three weeks(?). It's controversial, it's helping Swagger get over his past.
And then there's Del Rio, who can only benefit from this. He'll go into WM as the hero stopping the stupid ignorant American racists. It's beneficial to both of them, and will build tremendously on both of their characters. Plus, I'm sure the match will be outstanding given the wrestlers in question.
Also, I just want to say bad losing streaks mean nothing. They've proven in the past they can taken someone who barely ever wins and has a very silly gimmick and put them on a dominant path of destruction. Take Mark Henry for example, who was the happy go lucky bright red tight wearing wrestler who tagged with MVP who then turned into the dominant hall of pain giving monster we know today. It took him FOUR MONTHS to become a legit looking main eventer and win the World Heavyweight Championship from Orton. With the right gimmick and push, they can turn anyone around.