Not to this severity. Every fan base has their "I want it now, I want it every year and no loss is acceptable" goofballs. Most KU fans have seen enough examples of seasons that have worked out in the end to not lose their minds. KU started the 2003 season 3-3 and still played in the ncaa title game. They won the title in '88 as a #6 seed. They managed to extend the Big 12 streak in '13 despite losing on the road @TCU in a game where they looked like they had never played the game of basketball in their lives. then to balance it out they've had teams that looked unstoppable lose early in the tourney. They're simply no rhyme or reason to it sometimes. We've been riding this roller coaster as a fan base for 25+ straight years so we're probably more numb to it now. Maybe some ISU people thought that life as an upper tier basketball program would be smoother and less erratic with less bumps and peaks but it really isn't. It's actually worse because you think your team is capable of great things. There won't be this same volume of overreacting freakouts if ISU makes the tourney every year for the next decade+. People get used to even the craziest roller coasters if they stay on it long enough.
The '97 Sweet 16 game where KU lost to AZ still completely surprises me when I really think about it.
Collison and Hinrich's senior year where they basically (mathematically) lost because their free throws didn't drop is still baffling too.