Title creep is today's word of the day. I am not claiming this as an original, although it certainly fills a semantic space, but it has been used before - in 2006 - in the Kinesthesis Breakthrough blog. There was an article in the March 2005 issue of Atlantic Monthly by Cullen Murphy (you have to pay for the full article) and a blog posting about it in AC/OS too.
In higher education, title creep is evident. This can take the form of acquisition of additional titles, or an extension of titular style, or invention of new titles. For example, "Director, Finance and Chief Financial Officer." The addition of a second and more impressive title represents a double title creep.
I am surprised that there is not more use of the term title creep, given its growing prevalence, and recommend the wonderful article by Cullen Murphy - if you are at a university, you can read it via one of many journal aggregations. Although if you are at a university, you will know all about it. As Mr Murphy suggests "Universities are adding honorific modifiers like sundae toppings to the names of professorships." There will be a longer posting on this tomorrow.