I would agree with you except for the fact that they have actual money at stake on it. If you think that they are basing their betting odds solely upon public opinion, and risking losing all that money on public opinion, you're crazy. I think the people here that are making the odds are thinking too much when setting the odds.
Bookies know the dollars, MMA enthusiasts know the sport. I'm not saying there isn't adequate research on their end, and that there isn't emotional buy-in on ours. However, I honestly feel that our side of the fence is better educated on the events.