I think the competitive balance in Women's basketball has been hurt by title IX. In order to balance out Men's and Women's athletic scholarships, women get 15 but men get 13.
There just isn't a depth of talent in the women's game to have great players trickle down to the mid major level. i think if they reduce the scholarship level to 12, then you would see more upsets. But in women's sports as a whole in the NCAA, there aren't a lot of small school success in anything Because scholarship limits are higher then the Men's Sports.