Despite having a padded record, Cuenca is actually pretty skilled. Obviously he has to be to rack up that many wins - even against poor opposition - without any power whatsoever.
He has an excellent
right jab and employs a very offbeat staccato double-bounce style of in-and-out footwork that gives most fighters a dizzied migraine and makes him incredibly hard to counter. He'll even concentrate on hooking the body if you let him, tactically wearing down opponents' stamina to the point where he can lead them on a merry chase and be the ring general without worrying about them closing the distance with any real energy.
I wouldn't say De Jesus is his only decent win, either. He has three wide decisions over Godoy, who's a solid journeyman at South American regional level. And Jerez is actually a creditable scalp despite his spotty looking record. He's been in with loads of top fighters, and gone the distance with Canelo Alvarez, Lucas Matthysse and Max Bursak. Jose Alfaro, gave Erik Morales some difficulties...although it was during a phase of Morales' comeback where he wasn't looking too hot. Vilches, longtime fringe contender.
Cuenca was actually scheduled to face Juan Manuel Marquez not long ago, and some people initially derided the choice... but it was actually a huge step down
in class when Marquez instead faced Fedchenko. Don't be fooled by the fact that Fedchenko actually has some KO's on his record. He was never dangerous to JMM, and in fact stylistically he was far more made-to-order for JMM than Cuenca would have been with his puzzling southpaw look.
Cuenca would probably beat Fedchenko very wide on points, and not just in Argentina. Hell, it could be in the Ukraine. As for Sabaupan...let's not even go there.
Having said all that, however...this is indeed as you say in Olmeda's literal hometown (or rather, home district of Buenos Aires where they both reside)...and he's no doubt the "younger, more exciting fighter" that the promoters are hoping to build up and put on more cards to draw in a fan base due to his slightly-slicker-than-Margarito bombardier style and high frequency of knockouts. (not just stoppages, but knockouts
Very good chance Cuenca walks away with a loss whether he deserves one or not, due to politics. That's assuming that their promoter - they have the same one, Osvaldo Rivera - wants to bank on Olmedo as his primary cash cow moving forward, rather than Cuenca.
Then again, if we don't assume there will be any corruption - two judges had no problem taking it away from Olmedo back in 2010 when he lost a SD to a guy with a losing record.