Well in the end, the system is based on an executive decision by the NHL. They want the draft to serve as a mean to bring some form of balance to the league.
People can disagree or dislike this stance but that's the way it is so I wouldn't expect them to change it significantly in the direction of favoring the more "deserving" or "least tanking" teams.
Spreading the odds a bit more like they did or limiting the numbers of lottery wins is probably as far as it'll go in terms of compromise.
I could see them randomizing a bit less maybe by averaging the rankings for the last 2-3 seasons to put less weight on outliers bad seasons and limiting the potential for the "one year tank job". But barring a major change in stance, I doubt we'll see teams officially competing for the Bedard-cup (or whoever's next) anytime soon