I hate, as a Cyclone fan, to try to bring some perspective, but had the Big 10 not been performing so poorly in the previous days, this wouldn't be much more than a blip on the national radar. A 2-seed losing in the first round is embarrassing (believe me, I know). Once you get past the first round, every game is a potential L for almost every team except those seasons where there appears to be a dominate team - like Gonzaga this year. And it was clear that Oregon was underrated, but even if they're ranking was correct, they were still a 7 seed. That translates to being ranking somewhere between the top 25-28 team. Once you start talking about teams at that level, they can beat pretty much anyone on their day.
To sum up my rambling post, the talent is really spread out in college basketball nowadays and that means that there are hardly any safe games once you get past the first round anymore. I'm convinced most of the national dumping on Iowa is really just a continuation of dumping on the conference as a whole.