As of right now, I agree. They haven't really looked the part of a true contender.
If Love and Davis can be a little more consistent from the outside, I think UNC will be a VERY tough out. When 2 volume-shooters are connecting at 30% or below from three, you're putting yourself in a monster hole. But, we've seen what these guys are capable of. They're better shooters than that. Bacot is playing like a sure-fire All-American. And Leaky Black is an impressively fine defender. He locked down Brandon Miller quite convincingly. Just need to get the other 4 guys to bring more defensive effort.
So, with a little more effort on defense + a little better shooting from the perimeter, UNC would at the bare minimum would be a second-tier title contender, IMO.