I think single bid conference tournaments make good drama, and there are many years where the best team is NOT the 1 seed(example: Oakland was the best team in the Horizon this year, but due to COVID cancellations, wound up as the 5th seed), or where there is a 3 way tie and its a good way to play it out.
I religiously watch single bid conference tournaments, but mostly root for the regular season champ(or the best team in the league) to win it, and I guess thats what makes it entertaining for me.
In the CAA, Towson won the league outright, and had a Kenpom/NET rating 100 spots higher than any other team in the CAA. But because they had a bad shooting night against Delaware, they lost and the 5th place team in the league is now going instead.
The problem is that you can tell via body language and facial expressions that all the pressure is on the regular season champ in these tournaments which makes it even harder. While the 5th place teams can do things like utilize junk defenses, throw up contested 3s every possession, and play really loose. You see that a lot in these tournaments - lower seeded teams take a bunch of high risk, high reward approaches that they normally wouldn't do in the regular season and it will pay off.
Longwood won the Big South and won the league by 5 games, but in the quarterfinal they were losing most of the game and at times their players looked like they wanted to cry. If not for 2 missed free throws at the end of regulation to force overtime, Longwood loses in the quarterfinals.