The single-elimination makes it dramatic. Winning doesn’t always mean you were the best team - just that when the season story was over, you were the one left standing. It’s different than the series-based formats but I don’t see it as inferior.
You're right and it fits the physically demanding, and violent sport of Football well.
I also don't agree with the notion that the better team 'on paper' always deserves to have the most favorable conditions for them to win. It's already enough that finishing with a better record has you playing at Home (mostly).. If you don't show up, and prove you are the better team that day. You don't deserve to win period. Especially with 6-7 days of preparation.