Um...yes it is.
You are watching the wrong sport for that argument. You can make that argument in football (as long as a franchsie QB is not sitting there at #1). You can make it in hockey or baseball, where the draft is practically a crapshoot. You can't make it in basketball. In basketball the draft, and securing star players in the draft, is almost 100% determinative of your long term fate. In no other pro sport does it matter as much. Not even close. And really in no other pro sport is there such a correlation with top draft picks and top production. Not 100%, or close to it. But your chances of landing a star player are 10x greater in the Top 5 than the next 5. 10 times greater than that in the 5 after that, and you just have to get flat out lucky once you get out of the lottery.
And all of this oft quoted "losing psychology" bunk is just that, bunk. Pop child psychology, and not even good pop child psychology. Almost every single great team in the league right now has had one or more miserable years in the recent past, and yet somehow, magically, they are now at the top of the league. Its funny how talent will do that for you. Losing culture or no. Gee, that losing psychology really hindered the Celtics last year didn't it? And those Hornets...man they only won 18 in 04-05 to snag Chris Paul. They'll never shake that off. Not sure how the Spurs are ever going to get over that 20 win season they had to snag Duncan. You can see how winning only 26 games to snag Deron Williams has just zapped the liefblood right out of Utah. And so on. Its just bunk. It sounds good but doesn't equate with reality in the NBA. Lose, load up on talent, win. Win, fans come back. Portland won 27, 21, 32 and 41 games in consecutive seasons. Their building is full. Their team is headed to the playoffs and its future. That's the NBA. Always has been the NBA. Probably always will be the NBA. There is a price for long term success. You have to suck it up and endure it.