If you just have one, yes that matters. But a team with lots of losses to good teams isn't showing me anything. You don't get a pass for that. Especially when the measure of how "good" those teams are (in the case of the SEC this year) is inflated by some strong OOC play.
To
@businesslawyer's valid point, I understand they have to try to be objective. But if you're really picking a bracket, I think all of us long time basketball watchers know that sometimes teams are more or less than they seem. Injuries, problems that have since been fixed (like 2022-23 UConn) or a style of play/matchup situation. Were all your losses by 2-4 points? Or did you, like Georgia, get blown out regularly.