Sometimes the teams wind up wildly out of balance. There's considerable (and plausible) conspiracy theory as to how the Lakers made their blockbuster recent trade-acquisition and that the league facilitated it to counter the Celtics amazing but at least more explicable blockbuster trade-acquisitions. The Lakers wound up way, way better than most teams out West, though, and the first round of the playoffs puts the #1 team against the #8 team in the conference, the #2 against the #7, etc. There's going to be some non-contests, and some teams are going to get discouraged and give up.
Seriously, though, the playoffs are like half as long as the regular season, and so many teams have so many injured players . . . you're right that they should pare it down. Make the first two rounds best of five's instead of best of seven's.
I also like the proposed plan of letting the #1 team in the conference pick their first-round playoff opponents, and then let the #2 team pick theirs from the remaining contenders, etc, for each round until there are only two left. It would be an interesting experiment.
I still want to see the Cavs play the Lakers in the finals this year.