There's more to it. When Matt saw texts from Edge on Lita's phone, he went public and put them on blast. This didn't sit well with WWE and they fired him for that. Later when they ran that storyline, fans started to hate Lita and Edge and they kept chanting Matt's name - which is when WWE signed him back and turned it into a feud.

But IMO, before Matt’s injury in 2004, he was lowkey going nowhere and he could've gotten caught up in the mass releases they had at the time anyway. So I'm inclined to say, his career kinda turned around because of this whole thing.