It’s a contest set up in an elimination format. For whatever reason people are very attracted to anything where finalists are slowly eliminated. NHL, MLB, NBA, NFL playoffs, and pretty much any competition type reality show (American Idol, The Bachelor, Dancing With The Stars, etc.)
Basketball is my least favorite sport and on top of that I hate college sports. I haven’t watched a single game of the March Madness. Even so I do follow sports news and am aware of who’s in the final four.