Because the "Land of the Giants" moniker has nothing to do with who is champion. To think that's what it is about is a falsehood in and of itself. It's about who gets the push. And Vince McMahon is a notorious bodyguy/muscle mark. If he sees a guy who's 6ft5 and jacked to the gills. He's going to try to push him much harder than he will the guy who is 6ft1.
Vince believes that people pay to see people who are "larger than life", which is true. Most of the top stars in wrestling have larger than life personas. But for Vince that also means larger than life physique and stature. For every Shawn, Bret and Guerrero that gets pushed in the main event. There will be about five Hogan, Luger, Diesel and Yokozuna's that Vince have tried at first. Luger is the perfect example. The man intended to be the next Hogan, the next IT guy. He was all Vince wanted, Big, strong, okay worker. A guy he could get on the cover of muscle and fitness. But Luger did not connect as was required and Vince had to come crawling to the cross and push Bret Hart, who compared to the average guy on the street is tall and large, but in the wrestling world is a smaller man. And then the process repeated itself with Shawn and Diesel. A more recent example is Batista and Cena. Batista was the intended face of the new millenium, and actually got over enough, but Cena surpassed him and the rest is history.
WWE is called the Land of the Giants because he believes that big guys sell more tickets than smaller guys. If the belt is on a smaller guy is irrelevant