The problem with WP is that it credits all defense to rebounds, if you don't rebound for your position you rate as a horrible player.
But even if you adjust the stats and treat Bargnani as a shoot guard, he is still a mediocre player. The truth is, his poor rebounding is just ONE of the reasons his efficiency is so low. His high possession rates and lack of team defensive presence more than outweigh the positive benefits of his decent scoring and man-on-man D.
Anyone who's a good rebounder gets rated hugely by that statistic. Do you really think Kevin Love is the best player in the NBA and that Reggie Evans is an all star?
It's arguable that WP48 overrated rebounding at all.
Here is a good in-depth look at the statistics behind rebounding. I would argue that other advanced metrics, like PER, merely undervalue rebounding with relation to scoring. It's no secret that scoring in general is hugely overrated (look at Allen Iverson).
Furthermore, Kevin Love isn't the best player in the NBA according to WP48. It's Lebron James, followed by Dwyane Wade, Dwight Howard, Kevin Durant, and Chris Paul. Kevin Love is an ELITE player under WP48, but not the best. In fact, PER ranks him higher in the league than WP does. Hell, we are talking about a player who led the league in triple-doubles this season, and broke the ALL-TIME record for consecutive double-doubles. And it still isn't ranking him as #1. Clearly, rebounding is not as inflated as you claim.
Also, looking at WP stats, Reggie Evans isn't even top 100 in the league.