Yeah, that's fair. I think we can all agree that the new format has been a breath of fresh air for an event that was surely dying. I don't love the head-to-head potentially screwing over the guy who hits the second most homers in a round, but I'd rather have it this way than not have it at all...
The only point where you're off is that the bracketing isn't arbitrary, at least to my knowledge. I'm pretty sure they're sorted by home runs hit. Yelich was replaced by Chapman, and they didn't re-seed after that, but Vlad Jr. would've been the #8 seed regardless because of his home run total...