Your first part - that's kind of the point, isn't it? If they just count losses, and don't do a holistic review, the one loss team gets in before the two loss team. If they do that, there won't be a committee in 2026 and the SEC and the B1G will get the two byes in a 14-team playoff, and 4 AQs each. I don't want that, but that is what will happen if they don't account for SOS when teams play vastly different levels of competition. If IU gets in before UGA because they had 1 loss and UGA had 2, you would be ignoring that IU played and lost to 1 ranked team, while UGA played Clemson, @Bama, @Texas, @OM, and Tenn losing two away games. The committee's job is to determine what IU's record would be playing UGA's schedule, and what would UGA's be if they played IU's schedule.
IMO you can't compare UNI and Kentucky losses. UNI is not good, and doesn't play anyone. UNI has the 71st SOS, while Kentucky is 6th. If UNI had run the table in the MAC, maybe you would have an argument. But they are 5-4. You have the worst loss in all CFB, and if ATM wins the SEC, you might have the best win in CFB.