I don't think its necessarily the same as every other sport - I think in Basketball the edge an individually great team has over other teams can push much higher than a baseball team can in a 7 game series, they have so many possessions and their best players can touch the ball much more often than in baseball. Baseball as a sport just has way more uncertainty and 'luck' involved. Personally what I think is important about looking at these measures is hedging against unrealistic expectations and the high chance disappointment sets in (and more importantly then, assessing blame for failure which isn't really failure}. So, otherwise relatively smart sports hosts Matt Spiegel and Jason Goff keep going on how if the Cubs don't make the World Series its a huge failure/disappointment, whereas even in the most favorable conditions they're underdogs to get there, even though they're one of the best teams in the past decade or so. A loss in the playoffs would be hugely demoralizing, but understanding its the way of baseball and that the point is to make the playoffs many many years in a row and hoping to hit that crapshoot one or multiple years out of it is the name of the game. I would hate nothing else than if public opinion soured on the team because they just happened to hit the wrong coinflip.