This is a rather general comment, so don't take it as an argument against you, or whatever formulas you've written.
Sometimes I have an issue with advanced stats in that at times it feels like people are just manipulating numbers to get to the results they want. They don't like what they come up with when using one formula so they make another, and another, they change the weights on things until they subjectively like the outcome.
Should it be as simple as H2H and a better record, I don't know probably not, but it's really pretty easy to build algorithms to get the results you want and I feel like College sports especially do that quite frequently.