Tanking is annoying, but usually when a well run team tanks, they rebound within a couple of years. Additionally, if there is no tanking, then there is basically no chance for any small market team that is mismanaged to get a game changing player. Yeah, we shouldn't make things easy for a bad ownership, but it still kills the fans there. Last time we tanked we immediately won the title and I like where we are now. Tanking is annoying for a year, but it's better than having a bad team with no hope whatsoever.
Also, if there were a wheel system, it would paralyze trades for picks. They would still happen, but the randomized nature of it now I feel allows for more trades than a locked in system where someone knows they are getting a top 5 pick no matter what.