In most Olympic sports its a handful of good atheletes from prominent countries going up against woefully undermatched opponents.
That may be true in the BIG revenue sports like basketball/golf/tennis, but it simply not true of the "traditional" Olympic sports like badminton/track/swimming/wrestling/judo.
Mike thats actually not the case,
Go look at the times for each swimming stroke in the US trials and compare that to finishing times in the Olympics.
If the best swimmers were allowed to attend based purely on finishing times, and not just the top 3 from each country, I'd bet over half of the swimmers in the Olympics would be from the US.
And its not just the US, if all the best Ping Pongers were allowed to play, the Olympic competition would be almost exclusively Chinese players. It just is what it is...