Seems like it.
IU has been a sleeping Storied Program for so long that the memory of them being great seems to have faded. Look at CBS' set decoration backdrop for the Final Four. The Blueblood banners - UCLA, KU, KY, NC, Duke and ... Louisville are what is shown.
Historically IU would have been the one up there with those other 5.
Meanwhile, IU fans themselves still think they're one winning season away from permanent glory again. Never mind that they're not even the third best program in their own state any more (Purdue, Notre Dame, Butler)
The state's flagship school has not won an NCAA in 30 years now, the fanbase is still rabidly loyal to the angry old man who won't return to campus, and no coach or season they've had since Knight was shoved out by Brand has really come close, except that one Mike Davis fluke season in 2002 or so.
Meanwhile the fanbase is still certain they're a blueblood. I got "Told" by an IU supporter that our coaching search did not matter to IU because "nobody Illinois would hire is on the IU radar."
Just one example.