Bama wouldn't be ranked ahead of several 2 loss P5 teams if SOS didn't matter. OSU wouldn't be ranked ahead of 1 loss Indiana. Penn State, Texas, and Georgia wouldn't be ranked ahead of Notre Dame. SOS certainly plays some sort of factor. Saying it meant nothing at all is just disingenuous. It just didn't mean as much as you wanted it to, which is fine if you feel that way. I won't argue there.
If the committee currently cared only about ratings then Alabama would be in over SMU. Bama has a vastly larger following and would attract a larger TV audience. I don't disagree that the 12 best teams likely aren't in. However, claiming who the 12 best teams are is very subjective. You don't have the large sample size like you do in basketball to more accurately measure teams. More and more conferences are moving to 9 game conference schedules. The SEC remains at 4, but they all play an FCS game so it's still really only 3 OOC games thar you can use to measure them against others.