No kidding. But giving a team that hasn't earned it an easy path to the final four distorts the entire scheme. Yes, they'll be eliminated eventually. The real problem is teams that have to face the under-ranked teams are likely to be eliminated too soon.
For example, if SCar gets the wrong seeding -- say a #9 seed -- their first round game will be against a #8 seed, and that #8 seed will be eliminated way too early. As a result, we never get to see the #8-#9 game we might have seen, that is, a competitive game will not happen. Instead, a worthy #8 like, say, Creighton or South Dakota St. will be wiped out in the first round and we won't get to see what they're really capable of. Wouldn't it have been a loss if two rounds later the Creighton-Iowa game of the last tournament never happened because Creighton was eliminated by an underseeded SCar?
This is the real problem with poorly conceived ranking schemes. People often make the mistake of thinking that rankings are intended to protect the high ranking teams. The point of an accurate ranking is to protect the middle-ranked competitors.