The problem with this index (and things have improved since last week when I was going to reply) is 3 of the teams have a negative goal differential. So 43% of the teams with the least "uncompetitive losses" are not very good. The other 4 are very good (at least 3, maybe Utah). The problem that I see is you're trying to use metrics to find "good teams" but this metric seems to find "good teams plus mediocre teams which play low event hockey".
I have a suspicion it shows the teams that are, if they are not well placed in the standings, the most likely to improve their record if they get better offense OR defense down the stretch, or more luck/boucnes/timely goals coming their way. And the teams, if they are well placed in the standings, that are the least likely to "stink it up" and fall down.
Winnipeg, for example, never struck me as a
considerably worse team this season on paper than it was the previous, when they
comfortably won their
very tough division. Sure, they lost Ehlers and failed to replace him with a player of similar quality, but is that really enough of a difference between comfortably winning their very difficult division and being out of playoff picture so far this year? Their defence, and especially goaltending, is quite a lot worse this year.
They are a team that could potentially turn things around if their
defense stabilizes and Hellebuyck finds some form, or maybe with a new head coach. The Kings could also benefit the most with a new head coach (though their record suggests that won't happen, so there's less chance to improve than Winnipeg on this front) or if their
offense somehow starts clicking (though at this point that seems quite unlikely, but weirder things have happened).