I was just looking at teams picked to win by round at ESPN and fans have picked UM to win the championship 1.1% of the time, which is 11th highest. It seems that college bball observers have been paying attention to the recent success by the team. Or it just means that UM has a lot of homer fans.
ED: Michigan is Between 3-seed Oregon and 4-seed West Virginia. The next 7-seed or lower is 8-seed Wisconsin at #21 at 0.5%