Tennessee's loss to Texas now looks bad, but at the time Texas was a much better team and was looking like a serious Final Four threat early in the season. On the flip side, their loss to UT-Chat doesn't look as bad in hindsight, as Chattanooga has been phenomenal this year and is ranked #18 in the nation. Not a "good" loss, but arguably better than losing to Oklahoma, Washington State or Washington like Baylor/Maryland/Oregon State.
Tennessee still has a big win over Oregon State, wins against A&M, Mississippi State, and out of conference wins against Stanford and Rutgers which aren't hugely impressive, but those are better wins than Baylor has against anybody.
The ACC is the best conference this year, and the SEC is the 2nd best conference. It's a relatively weak year overall for women's basketball. There isn't a lot of star power or top teams outside of Connecticut. Notre Dame is probably the 2nd best team in the nation once again and they are a shell of the squad they were last year. The 2015 graduating class is one of the worst to come through in a while, and at quick glance, 2016 isn't strong outside of Stewart/Loyd/Jefferson/Mitchell. The 2017 and 2018 classes look to be pretty solid, but even some of the stars from those classes (ex. Alexis Jones, Diamond DeShields) are out this season. Even if the SEC isn't very strong this year outside of USC/Tennessee, no other conference besides the ACC is either, so the SEC will get their share of tournament bids and most likely place a good number of teams in the 2nd round/Sweet 16 even if they only get 1 or 0 representatives in the Final Four.