You are making the mistake lots of other fans and players alike are making, you are thinking of it, at least at a subconscious level, as a single race to four. But they aren't playing a single race. The are playing the best out of three races to four (with the third race being a different format obviously). Three races to four, and a single race to four, are not remotely similar yet so many people are getting stuck on the race to four number as if it is a single race.
Do you think if you played SVB 1,000 races to four you would have a chance? What about 100 races to four? What about 10 races to four? The number of races also has a massive effect on who is favored, not just the race length, yet people somehow forget to take this into consideration when each race length is relatively short. You can't think of single races to four, and multiple races to four, as being the same thing because they just aren't. Turns out that a pretty decent amount of evidence (analyzing how often upsets happened in the matches, how often the top players were still winning the events, etc) shows that this format consisting of the best of 3 separate races to four is about equal to a single race to eight.
Again, a single race to four is not the same thing as the best of multiple races to four, and you are just stuck on that four number without fully taking into consideration the multiple race aspect. Not sure if this will help it click better or just cloud the waters for you more, but a race to eight (or any other number) is really just a first to win a a whole bunch of races to one. Those races to one still do a good job because there were a number of them, same as the case with this format. It's just that the shorter the single races are the more of them you need to do a good job sorting out the best player, and the longer the single races are the less amount of those races you need to do a good job of sorting out the best player, which is why the first to 8 single races to one, ends up about equaling the first to 2 races to four.
You can dislike the format for some other reason (maybe you are traditional or a creature of habit and just don't like change or new things, maybe you don't find the format exciting based on your personal preferences or what you are used to, maybe you don't want to see shot making have more weight than normal in deciding a match outcome, etc, all fair enough as everyone is entitled to their own preferences), but you can't dislike it because it isn't doing a pretty good job of filtering out the better players because that is a nonsense argument and the evidence at hand shows that it does in fact do that just as well as races to eight does.