It's deeper than it is top heavy. And he's not wrong in the sense that the two non Nova teams that made runs are Butler and Xavier, not the original Big East members. The Big East really needs Seton Hall or PC to step up and not disappoint again. Maybe even Marquette who was at least in the league pre-split, if not an original.
Note, I'm not taking his side, just saying that the strong league rankings are due in part to the fact that it's a small league with no obviously bad teams. There's a lot of good and not much great. I think UConn is going to change that dynamic a bit.
As or Blue Bloods, somebody posted an interesting video graphic on Reddit showing the number of weeks a team has been ranked in the top 25 since 1949. It's a fair measure of "blue blood" status. I think as for being modern blue blood in the 64 team era, yes UConn could get back to that soon.