I think they have gone a tad crazy with it.
It makes sense for a lot of reasons - I think having something as a show communicates better quality to an outsider. Something like "Roadkill Episode 1 - El Paso to LA on $1500" sounds better than "cheap car road trip from El Paso to LA." That there's a brand to it, a title and the foresight to add room for subsequent productions, sort of signals higher quality.
It also gives viewers a better 'in' into the channel, because if they like something, it can get them to watch other similar content because they now know the brand. If I'm searching for an AH montage, I'll pick the Raytage 'show' (by a loose definition of the word 'show') over your "Ray funny montage" because I know that brand. If I watch a funny rant called "Chief Keef is an idiot," unless I REALLY like the guy presenting (and often, even if I do) I'm not gonna look for more later. If I watch "MK Loves Chief Keef," and he's funny and I see "MK Loves Soulja Boy" in the sidebar, I'm more likely to watch that - because I know, same show name, dude's bringing the same comedy. Then if you tell me there's a new "MK Loves" next week, I may be back. Soon I'm watching all the content on his channel.
And the power of a show is it sucks you in with what you want, then makes the brand the focus so you watch what you otherwise wouldn't. I don't give a fuck how to swap an engine, but I watched MightyCarMods do a funny zombie car build, now I like the MightyCarMods show. They've made that brand bigger than the content. And they get more views that way.
And you could, I suppose, argue that the channel serves as the brand. But with a name as generic as Let's Play, and with a channel who's content is so diverse - videos ranging from somewhat scripted shorts like Joel's early stuff, to bite-sized custom map playthroughs like in Things To Do, to full form Let's Plays that can, on occasion, be 40 minutes of nothing, and add to that the rotating cast, from the main players to "Team Building Exercise" and now Funhaus - it's not a reliable brand anymore, to the average Youtuber.
That said, launching an assault of weak programs fatigues your enthusiastic core audience. You don't want to lose your guaranteed money. Ask Lincoln and Cadillac, who's modern lineup of vehicles with German-fighting scientific calculator styled names likes MKZ, MKS, ATS and XTS are broken by the Navigator and Escalade, traditional cars for traditional buyers. Ask Nintendo, who's still selling basic Pokemon games, Mario games, Animal Crossing - their whole business is catered to the fans they already have and no one else.
IMO that guy who said 'seriously concerned for the future of RT' gets ridiculed a lot, but had a fair point. RT's trying to fight all of Youtube by making as many shows as they can - and it's wearing out the fans because they don't want to keep up with the 15th new show AH is gonna make three episodes of before ditching, and they're wearing themselves out thinking they need to be the Youtube king and compete with a wealth of independent streamers and showmakers. It feels like, instead of building the brand up by focusing hard on a few shows, they're spreading it out thin hoping a wide-net approach is gonna catch more Youtubers. It may work for them. It may already be. I'm just bitching because I don't really like it.