We all gripe and debate the playoff committee simply seeding 4 teams....(yeah, I know they rank more, but only 4 matter now), but the basketball committee is tasked with ranking 68 teams accurately. They're far more likely to rank some teams poorly, right?
Your tournament draw is heavily reliant on a committee ranking 68 teams accurately.....it's just not feasible. In a region with the weakest 1-seed, the 2,3,and 4 are salivating at their odds of getting to the final 4.
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Anyway, besides that point, it's all about the sliding scale of entertainment vs competition - as I've said many times. Basketball skews far on the entertainment side and football towards the competition side, but is trending towards learning more entertainment. If/when the playoff expands, it'll inch further over towards entertainment.