I think it's mostly: 1) there's no elite team besides South Carolina this year, and 2) the 8 days proceeding the last AP poll.
Personally I think healthy UConn is the second best team in the country, but they only got healthy very recently and voters didn't get to factor in the win over Villanova.
Indeed. I’ve said this before but the days of Baylor, ND, MD, Louisville (and now UConn / Stanford), just dominating their leagues are gone. When we made the Elite 8 in 2019, there was a clear distinction between teams 1-7 and then everyone else. We had no chance of beating any of them. We were the best of the rest of the field.
Fast forward to today, SC is the only elite team left. You’ve got great athletes everywhere. UCLA, Tennessee, Texas, LSU, Arizona, Indiana, Nova, Michigan, Utah, Oregon, VT Tech, Virginia, even ISU etc all capable of big upsets. A Baylor transfer is at Michigan State. Michigan has three 5 stars on its roster. The wealth is really spread out in a way that's very good for parity. When the season started, the CW was there would be 3 elite teams (SC, UConn, Stanford) and everyone else. It really is just SC now. Everyone else has proven to be vulnerable.
I agree that UConn with their players healthy is better than our team (and should really be #2 in the country), but their resume is not what it used to be 5 years ago and that's holding them back. At that time, UConn would likely still be undefeated even with all these injuries. They may have lost to another blue blood, but would certainly not have lost to St Johns and Marquette (in February nonetheless).
I'm sure people are looking to our H2H v UConn to evaluate final seeds (as they should, and I won't be surprised if they get a #1 seed over us) but one thing that's working in our favor is that we now have 3 more contributors off the bench that weren't really factors in that game. We only had 2 bench points.
As for IU, another thing to remember is they didn't look good against MSU, a bubble team, in the quarterfinals. They were down, by as much as 12, for the whole first half and never really pulled away comfortably. When you string together the Iowa L, the MSU shakiness and then the (really really bad) OSU collapse, I think it's fair for some people to question whether they're really #2 and/or just aren't playing their best. By contrast, our team is looking the best is has since these 5 athletes became starters.