Is it worse? I may remember wrong, but, didn't they use to do that in UCL for quite some time? Felt like the rounds were more even than the pre-determined paths as of recent years.
Oh well, the new UCL format is probably an improvement, though i haven't read much on it yet, but i trust you on that.
Some times the 'luck of draw' gives good pairings, but you can't count on that
Things like Inter-Atleti at R16 or City-Madrid QF this season in CL are abominations of the system that should never let happen
In the new CL format it is very simple: do well in all your group games against ALL opponents, cauz there is ranking and everything (even goal difference) counts towards getting better position,
which then determines the pairings for the knockouts: Best vs worst!
9th will play vs 24th, 10th vs 23rd, etc., for R16
then 1st will play winner of 15th vs 16th, 2nd the winner of 14th vs 18th etc. for QF,
and so on...
It's the basic fairness in a competition that at least respects and takes into accounts what teams do, instead of lumping them together in a random draw