right on, you're not necessarily determining the best at something- in the words of rick moranis as the immortal danny o'shea in the 1994 classic little giants- "the cowboys may beat you 99 times out of a hundred, but that still leaves one time."
the majority of Olympic sports are based on two final heats. being the best in the world doesn't guarantee anything. skaters and alpine skiers fall once and are OUT! you need to rise to the moment, which, imo , is exciting and unpredictable
The Olympics isn't really about determining the best (otherwise the soviets would have won in 1980) it's about seeing who can win on any given day in a short tournament. Heck you could go as far as saying that in the nhl the presidents trophy winner should be awarded the cup if you just want it to go to the best team.