I think people are also too quick to make judgements based on the results
of a single-elimination tournament. Duke lost to NCSU at home during the regular season. Does that mean that NCSU is better than Duke? Likewise, I'm a big VT fan, but I won't claim that VT's team is better than Michigan simply because it won the single game they played this season.
I fault the tournament selection process for a similar reason. It seems far to focused on single-game results rather than the overall results.
Does a single-elimination tournament provide exciting results? Absolutely. Does it identify the best team? Maybe, or maybe not.