I know finding any justification for Iowa's loss is like polishing a turd, but hear me out on this:
Iowa's loss is definitely better than Ohio State's crap-fest to Oral Roberts. Also, is Iowa's loss much worse than Alabama's to UCLA? Iowa got blown out by the Pac-12 champion in the round of 32 whereas Alabama lost to a Pac-12 team that snuck into the tournament. Of course Alabama lost in the sweet sixteen, but mostly because they got to play Maryland in the round of 32, a team that we previously destroyed on the road.
Alabama is probably seen as a success since they went to the sweet sixteen, but that could have easily been Iowa were it not for the worst draw of any 2 seed. Houston, with the easiest draw, cake-walks into the final four.
Again, no excuse for Iowa's loss. If you're going to beat your chest and talk about going to a final four all year then you have to beat a team like Oregon. But it is fair to point out the immense amount of luck some teams face.