Nothing is wrong with the Chase. It rewards consistancy through the final 10 races of the season and the winner of the championship is seemingly the most deserving driver. The Chase, though not perfect, makes the championship battle more competitive without making it a free for all. But the elimination style format NASCAR is attempting to institute will be a free for all and I think that is downright absurd.
The NASCAR administration is attempting to make NASCAR un-NASCAR-like by comparing and changing it to match stick-and-ball sports, which are drastically different. But even in stick-and-ball sports, the final champion has to play in a series of multiple games in order to prove itself, not unlike the Chase under current rules. Under elimination style rules, there would be one race in which five teams would have the opportuntiy to prove themselves, and the result would cause an uproar among all fans, even the ones vouching for the elimination format now.
NASCAR fans don't know what we want. We whine. And then when we receive what we want, we whine about the negative aspects of what we initially wanted. Therefore, to a certain extent, NASCAR shouldn't take any of our complaints seriously, in order to keep its integrity.
And if the elimination style Chase was started in 2004, these would be the champions (with the top 5 in points being equal entering the final race of the season and the top finisher being the champion at Homestead):