MAKING the NCAA tourney is the only thing that matters in Basketball. Just like MAKING the CFP is now the only thing that matters in football which is why the comparison. Previously in football, there were so many teams that didn't make the CFP, which made non CFP games seem more meaningful.
The new CFP format has drawn a clear line, anything not CFP is comparable to the NIT in basketball (which nobody cares about).
And I disagree, the 12 seed in this years CFP will have a much better chance (albeit small) at winning it all than a 16 seed in the NCAA tourney. But you are missing the point, it’s not about winning it all, it’s about MAKING it.