Well, he's had three title shots now, and he's lost three title fights. Covington was dominated in the fight by Edwards, and despite losing by unanimous decision, he claims that he won but the judging was rigged against him.
If the UFC had a DMF belt (Dooshiest MoFo), then Covington would win that hands down. But I think that when it comes to legit fighting, his days as a promising young prospect are behind him. He's an aging veteran at 35yo, and with 3 title shots already being handed to him without success, and him looking less impressive as time goes on, it's getting difficult to see the rationale for a 4th chance.
He called out Stephen Thompson after the fight, and it actually might be quite entertaining to see Thompson, aka the NMF, using Covington as a striking bag, but Thompson is himself 40yo, and it wouldn't be a road leading back to the belt.