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Moxley was the top babyface for a while.
Hangman before that.
Kenny before that.
Really, they need to stop cooling off their top babyfaces with these heel turns. Moxley going tweener/heel does nothing for anyone really, especially when he was virtually carrying the company as the top babyface post-Punk drama.
Maybe Mox was just bored or something, or maybe this feud is intended to slingshot Hangman back around to being the top babyface again.
I wouldn't be surprised if it was the latter but it all hinges on Moxley actually being able to turn heel and get heat and sympathy for Hangman which seems unlikely because Mox is so over.