It's easy to just say he is off, and it's definitely possible for that to be the case, but it's highly unlikely. MOV has historically been proven time and time again that it is an excellent indicator of future success. So unless you have some hard data besides "they haven't beaten anyone!," I wouldn't be so quick to dismiss it.
This isn't about who should win a game. This is about a selection committee selecting the best resumes and ranking them. Beating shitty teams by 20 points doesn't impress them like it does Kenpom's metrics.
That said, ALL metrics like this are prone to being abused. The RPI can be gamed by playing a ton of teams in the 50-100 range and beating them. Is that more impressive than going 5-5 against the top 10 teams in the country? I'd say no, but the RPI would say yes. Kenpom's metric is just as easily abused.
The simply fact of the matter is that the BEST team Louisville beat is a 5 seed. 3 of their 6 "good" wins are against ONE team, and that team is a 7 seed. One of their "good" wins didn't make the tournament. They have 3 losses to two 8 seeds. The absolute BEST teams they played the entire season were a 5 and a 6 seed (and they took losses to both of them). That isn't the best they beat, it's the best they even PLAYED. So how can you realistically assume they are good? You can't. That was the committee's issue in seeding them. In their eyes, they barely played a single top 25 team all season and dropped several games to teams that aren't in the top 25.
The committee is less impressed with high scoring margins over the 150th best team in the country than Kenpom's metric is, and I side with them. Simple really.
Now, that doesn't mean Louisville won't have success. Perhaps they will, but that isn't what the selection committee is looking at. They are looking at a resume, and asking if there is proof they deserve a higher seed based on what they have already done.
Additionally, look at the teams Louisville lost to -- North Carolina, Kentucky, Memphis (x2), and Cincinnati. They are ALL seeded lower than Louisville. That is to say, Louisville lost all 5 games to teams that are theoretically WORSE than they are and bloated their schedule with a bunch of wins over teams that are MUCH worse than they are.