The narrative is that the MIC is the best conference hands down until someone else can beat them when it matters. Actually, that's not a narrative, it's fact. Brownsburg was undefeated last year, they get hammered by Avon, who in turn gets handled by a team that finished 4th in the MIC a year ago.
Your Alabama example isn't relevant because they don't play everyone in their conference a second time. Perhaps a more relevant example would be 2017 Georgia. They won the SEC, but lost the national title to a team in their conference.
The MIC has been toppled twice since 2001. All the good programs in Indiana and most of them hardly stay competitive in the tournament vs the MIC with the exception of 2 years. Oh, and one of those years the team joined the MIC a year later and was coached by a guy who is 62-17 at the job he left them for.