I think Hogan said something in his book about trying to get some of the spotlight. I haven't read the book, I just heard it from somebody. I thought it was just a great moment. Im so sick of the stupid, award the guy the belt then when he's not looking hit him from behind doing a heel turn garbage. That is the kind of stuff that Vince Russo loved doing.
It was a great moment. It makes more sense in a face-vs-face match that the loser would stick around to hand the winner the belt rather than quietly slinking away like a heel usually would.