I don't think so at all, and I'm not even American - I'm Australian.
When America was entering college teams, to my knowledge, those college players were playing against the opponent's professional athletes - and, for the most part, they were winning.
Then from memory the US lost one year (I think it was the Russia scenario, but can't recall for certain) and decided no more mucking around - for the sake of national pride, they would stop playing with amateurs and take on the opposing pro players with pro players of their own.
The Americans crushed everybody else, and the rest is history.
Is this unfair? I don't think so. The USA has the best basketball league in the world, but a LONG margin. It has the best players in the world. A lot of that has to do with the fact that the country has the interest, the money and the population size to constantly churn out high caliber prospects (who eventually become high caliber star players).
Why should the US be penalysed for being better then everybody else? That is to their credit for putting together such a strong infrastructure around the sport.
The whole idea of sport and the Olympics is competition.
Competition improves the breed - as the saying goes. The way you make yourself stronger at something is by competing against those who are better then you - and if you are talented enough and work hard enough, one day you will beat them and take their position on the podium. If you take the opposite approach and simply put restrictions on those who are the best, all it does is lower the standard across the board. Where is the challenge in that?
24 years ago, no team could come close to beating the US team. They knew they couldn't, so they basically played for second place. Since then the opposition has gotten stronger. The US has already lost twice in the world championships - other Countries have proven that everybody - even the mighty US team - can be beaten, and the best international teams believe that now. It's no longer a walk in the park for the US - if they don't play their absolute best, they seriously risk losing the gold. Hell even if they do play their best, they still can't be assured of victory any more.