Although this will likely come off snarky, I don't mean it that way.
Do you prefer a system that is rooted solely in how many good sims you can manage to schedule on the road? Because that's what we had before.
The formula isn't the problem. Yes, the new formula favors Big 6 teams, but that's a product of an already broken system. The new formula rewards more deserving teams. Those teams currently happen to be Big 6 teams because recruit generation, postseason money, baseline prestige, etc., all combine to make Big 6 teams better. Changing the formula would maybe minimally help mid-majors, but it would actually hurt in the long run because it would helo mask a bigger problem.
If everything else was workign properly, the newer formula would be better than strict RPI-based seeding (which I can't really imagine anyone advocating for if they new what RPI actually measured). Making one part of the game worse to mask the inequities in other parts of the game seems like a terribly wrong solution. Let's fix all the other problems, and then the seeding formula would no longer be skewed towards only Bog 6 teams.