Just did some quick checking and Creighton and Wichita State make 6 1/2 hour treks to St. Louis every year. Of the 9 schools left in the MVC six of them would have commutes to Omaha for a tournament that is equal to or less than the 6 1/2 hours that those schools make to St. Louis. Yet nobody seems to have a problem currently that those schools are asked to travel that far every year. If one of the Dakota schools is added then Omaha isn't an outlier at all.
Personally if I were a fan I'd still want it in St. Louis because I love Arch Madness, but I know that Omaha will go after it with a pretty nice deal. Also Omahans do support events like this better than locals from bigger cities like St. Louis and that will probably be true to an even greater extent considering Omaha's familiarity with the Valley.