I kind of agree - the school is really into the Final Four. But it's a link to the tradition that was around when St. John's was the premier city school in the premier basketball city. Times have changed a little bit.
However, when you liken it to the 1986 Mets, I have to point out a couple of differences: the Mets WON IT ALL that year. And they were the toast of the town in a city that fetishizes the Yankees. The '86 win also plays into a Met narrative of a whole lot of losing and then an unbelievable, homegrown win (see: '69), followed by an inability to sustain high-level success.
But you gotta remember when the times were good so you have something to aspire to.