Would you say the same thing about the Blood Games which is only 2 or 3 more fights and pretty consistently returns a champion that most would agree deserves it.
In the Blood Games you know the opponent in advance. That doesn't always help as there are builds which you are very likely to lose against with your own no matter what you do but there are also opponents against which changing your strategy (and sometimes even gear) beforehand could make the difference between winning and losing. In Blood Gods we don't have that.

Then there is the chance. Lucky wins or unlucky losses didn't play an incredibly big part in the previous format because the number of fights allowed you to largely compensate for them and score some on your own. Now the seasons are more than 16 times smaller and each fight weights much more. Think KOs for example.

Like I said above, it is premature to pass judgement just yet. Depending on the results though, I think this should be taken into consideration.