W-L records only identify the gap in competition when all other factors are equal - quantitative analysis.

In fierce competition, where many individuals/teams are capable of winning, each must claw it's way - resulting the "mixed bag of records". That's what we should all hope for.

Conversely however, one could easily argue that big margins in records would indicate a low level of opposing competition, where one his head and shoulders over the others - but that still would say little about the best being any good.

Either way, these types of statistics alone could never infer a low QUALITY of competitors or competition.

For example:
When discussing the NFL teams, we refer to a mixed bag of records as a very competitive year. As oppossed to a weak year, where several team's W-L records are in stark contrast to the others'.