Who the hell has he beaten? His biggest victories are Miranda and Andrade, two journeyman/gatekeeper level fighters. Ward beat Miranda and destroyed Kessler, who also beat Andrade. Dirrell/Froch would be #2, and Bute would come 3rd in my opinion. Dirrell's victory over Abarham is much more impressive than any of Bute's wins. Froch's win over Jean Pascal and Jermain Taylor also surpasses those of Bute's.
If your point is that Bute is not a clearcut #1, I'm with you (notwithstanding the fact that I'm a fan). Your argument seriously goes downhill from there however. Bute beat Andrade twice and Bika (both ranked in the Ring top 10). Moreover, he beat Miranda much more decisively than Ward did. As for Froch, you can't possibly think beating a clearly shot Taylor is more impressive than Bute's accomplishments (particularly since Taylor was leading on one card going into the 12th).
Boxing is just like that. Butes two recent KO's were very impressive. He's undefeated and honestly hype-able.
I so wish Bute was in the super six except for jermain taylor/allan green would make for more interesing matchup.