Umbilicoplasty or Tummy Tuck for Frowning Belly Button?

What you are referring to is similar to what was performed for your breasts. It involves removing skin and then suturing the resulting skin to the umbilicus. Not an ideal procedure and will not resolve the problem
You need to see a board certified plastic surgeon to see if you are a candidate for a tummy tuck as it appears that the majority of the loose skin you have is around and above the umbilicus.

Thank you for your question and sharing your photo.  I would recommend that you consider a tummy tuck as it will help reduce the excess skin that is above the belly button and help you tailor the shape the abdomen.  If you are strictly looking for a less aggressive approach, you will only be able to address a mild/moderate amount of skin laxity around the belly button.  

Belly Button surgery (umbilicoplasty) by itself only takes care of stretch marks and loose skin in the immediate area (few inches) of the belly button. In your case it is probably a good option but an exam would be required first to confirm this. Choose your plastic surgeon wisely for this procedure - see below link.

Umbilicoplasty is a procedure to make the belly button look better. Usually it involves a hernia repair of the belly button and a reanchoring to recreate a more normal appearing belly button.
It is especially useful if a post-surgical belly button has a flap expressionless appearance, or if an "outie" is present and needs to be converted.
The umbilicoplasty does not work the same way as a Benelli mastopexy. If too much gathering is performed around the belly button, it looks gathered and bad.
To fix the belly button in your case, some version of the full tummy tuck will be necessary.

Very few patients actually want a tummy tuck - if alternatives existed which yielded similar results, you can be certain that plastic surgeons would recommend them.
That being said, your redundant skin and muscle laxity (looseness) will be optimally corrected with a formal tummy tuck. The incision can be hidden quite low, yielding excellent cosmetic results.
Hope this helps - best of luck.