Firslty, I have been playing World of Warcraft since 2004 so this is my personal view over the last 10 years.
With that being said If you asked me this question 3-4 years ago I would of easily said yes.. now I will say no. This is because back in Vanilla on your server you knew almost everyone. You had people you loved and people you despised and all it took was a ./rude to start an entire PvP war. (R.I.P.)
Back in Vanilla you could just by looking at a character know who it was just by gear. This was even true in TBC but that changed drastically in WOTLK. If you fast forward to today so much has changed and with so many people playing WoW it's almost impossible to tell people apart. The game has developed and changed over the years as does everything in life to what the general population wanted/wants.
Back on topic: I agree with the statements above that 99% of the people won't get to see or acknowledge the title or even know it exist as that section of WoW has diminished. There are very few things that make you stop in your tracks in WoW these days and very few respectable items in game. I could easily list fewer items on my two hands than I have fingers that make me personally 'gasp' in WoW.
Blizzard has done an amazing job catering everyones needs in WoW and not enough people give them credit for that. There are titles and achievements that the select few or 'elite few' can obtain. Yet, people don't even notice this or very few do. I have the 'the Immoirtal" title on my account and with that comes the black drake which I love and worked hard obtaining (with 24 other people). I might get a random whisper once or twice a month acknowledging the title and drake as most whispers these days are 'how do you get that' or 'I want that!'. Times have changed and will always change.
TLDR: No, they should not add future elite/realm first titles as World of Warcraft has developed and changed over the years to a less intense community and the tittles would go unnoticed by many.