It can be boring for the great teams, but for teams from the weaker conferences it can be the memory of a lifetime. They generally can't recruit far beyond their own backyard, they don't have games on TV, or much local newspaper coverage. Within their competitive realm every conference champion had a great season.
Many years from now they might be telling their kids, I got to play in the NCAA tournament, I played against Uconn and Paige one time, and see their reaction. Remember too that maybe they are weaker teams in Division 1, but it still is Division 1. There are roughly 25,000 graduating high school women who played basketball. Only about 1,000 of those get to play for a Division 1 program.
Finally it is one game, and two days later most of those teams are eliminated. The last teams in are usually equivalent to number 35-40 nationally, so 12 seeds and better are pretty competitive, as is the tournament once they get to 32. It costs two days to give those teams their day in the sun, and a reward for a good season. I don't like the concept of play in games, but think the 64 team field is perfect. Arguably the greatest sporting event of the year, as is.