I fail to really find anything wrong with the old format before they went to this garbage.
The TV partners, possibly? NBC wasn't getting the matchups it wanted (nor did CBC) in the early rounds.
Bettman also envisioned a four-conference setup with no East/West, heavy divisional play, the first two rounds of playoffs being in-division, but then reseeding before the semifinals. That got spiked with the decision to add the Wild Cards (since one legitimate question was that a good fifth or sixth-place team from a strong division might be left out in favor of a bad fourth-place team from a weak division).
I thought the 1994-2013 NHL format was the best in sports. Reseeding after the first round also allowed for the top teams to be rewarded a bit more and not necessarily be able to feast on a weak bracket and then take advantage of a gassed team that had to play two tougher foes (which has happened a few times ... 2014 being a prime example. The Bruins ran into their Kryptonite in Montreal, while the Rangers slid through two weak foes and then beat the Habs. Rangers-Habs would've been a first-round matchup, not a conference final, under the old system).
At least since the 1980s - when USA Network (which was essentially an extension of the original MSG Network) held the national TV rights - U.S. television has largely centered its coverage on the old Patrick Division - the three NYC-area teams + PIT/PHI/WAS (I missed the SportsChannel era, but I used to call ESPN "Exclusively Shows Pittsburgh and New York" in the 1990s. NBC has continued with a significant focus on the old Patrick Division + the other three U.S. Original Six teams).
The current format almost guarantees at least two rounds with those teams involved. Canadian TV obviously focuses on the seven Canadian teams (plus Detroit and Boston). You have the Habs, Leafs, Sens, Wings & Bruins in one division, giving SN/CBC a ton of high-ratings matchups for the first two rounds, and the Canucks/Oilers/Flames in a division, increasing the likelihood two will play each other. Also, by grouping them all together into a couple of divisions (Metro for NBC, Northeast/Pacific for CBC/SN), it's likely each network will each have a team from its core coverage properties in the Conference Final.
It seems the NHL has sacrificed a balanced tournament for early-round ratings and to provide good early-round content to its TV partners (which are forking over tons of $$). IMO, it has influenced the champion and lessened the impact of the regular season.