You are very confused (as are some others in this thread) on what the Olympic team is and what it's supposed to do/be. It is not an all-star team. It really doesn't matter what a player does in the WNBA, the Olympics are not the WNBA. The international game is quite different than the WNBA. There have been numerous competitions (prior Olympics, WCs, U23's, U21's U19's, etc.) and camps to evaluate the players. (along with international play) WNBA stats don't really mean anything in this area.
The Olympic team is just that...a TEAM (not a collection of WNBA all-stars) that will win the Gold. That's it, nothing more. It is not supposed to be a representation of colleges or WNBA teams. Prior experience matters a lot (whether right or wrong here, and this is where an argument can be made) a whole lot. Hence Bird and Catchings and Augustus.
Personally I would have had Parker on MY team. I am willing to say though, that I might have been wrong in that. Watching this team, I'm not sure where she would fit. She's definitely not a 1/2/3 so she wouldn't replace Bird/DT/Whalen/Augustus/McCaughtry/Moore/Catchings. I would not take Parker over Fowles/Charles/Griner in the Post. Parker is not really a post, at least defensively. She's a 4, but not really a stretch 4. (Sure a point forward, but this team doesn't need that when you have Bird/DT/Whalen). And as stretch fours, EDD and Stewart have much better range. I really can't see where Parker would fit in on this team. I like Parker, I think she's a great player. But after watching what they want to do with this team, I don't really see where she would have fit in.
I think the committee might have gotten this one right, against my judgement.