I disagree the booking is harming Roode, because Sting is still presented as a threat.
Your perception is that Sting is washed up and over 50 and therefore shouldn't be relevant or a threat-- I think that's skewing your perception of the harm done by the losses. (I also think that's skewing your perception of his performance in the ring but I digress) That's not the real of the situation though-- that's not how it's presented. It's presented that "this is a Sting who has refocused himself and is stronger than he's been in years"-- so that Sting is a threat Roode has not yet faced. Thusly it makes sense for him to first get the better of him, despite Roode's previous win.
Honestly you kinda remind me of those people who thought OMG ROCK BEATING CENA KILLS CENA'S MOMENTUM AND POPULARITY because their perception was that Rock was an actor and not involved with the business but that's not how WWE presented it at all. It was "super power vs super power" and one super power won-- no harm done. Now it's "persistent champion vs reinvigorated challenger" and in that case it's all about who wins the war, not the battles.
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No problem!
This is a cute and pop genocide of love!