Hmm, not sure, I think Lobo was transcendent, especially in 1995. But, like you point out, depends on how you define "transcendent", versus, say, "generational", which gets misused as well of course.
A quick look suggests it happens about about 2/3 of the time, i.e. the national champion has a transcendent player, whether it be Stewart, Griner, Moore, Parker, Taurasi, Swoopes, Miller, or Holdsclaw. I would add Pam Kelly, Teresa Weatherspoon, and Lobo to that list, for their time.
Interesting to think about the second part of your question: winning without the transcendent player when there is one that year. I'd have to take more time to look at 1982-2000, but a quick look at the last 3 times a team won without a transcendent player - 2011, 2006, and 2005 - shows that there was a transcendent player each time: Moore in 2011, and Augustus in 2006 and 2005. I'd argue it happened in 2001 as well, with Stiles, though you could argue if Ruth Riley was transcendent, as well as whether it's fair to consider SW Missouri State at all for national championship purposes.