The problem with the selection committee approach is that it is never then about the clearly underrated player. It is about the different members of the committee applying their personal and regional biases. For some people, representing their country in an Olympiad is a very significant dream and milestone in their chess career. Anything that is done to make this process less transparent, objective and fair, by introducing personal biases and something as unscientific as having a committee make decisions about chess strength, seems to me to be wrong. If we could get borrow the enchanted mirror from the Snow White fairy tale we might ask it who the strongest chess player was but we don't have that luxury.