Series may be fair, but I think it's universally agreed other systems are better
It already takes over a 50% winrate against players of the next tier to simply get to them. Then once you get to them, you are psychologically stressed and I think the idea of LOSING promos throws people on tilt
I've made countless stupid decisions in my promos while simply attempting to win them. Meanwhile the games before and after I do just fine
Same goes for other people I've observed. League's a pretty big thing at my university and while it may be an extreme example, a friend of mine has a 62% winrate in ranked vs Plat V's and Gold 1's, yet he is stuck in Gold V
I've actually seen him. He plays really well in the games leading to his series, but when he plays them suddenly he's focusing a ton more on his own lane and not watching the map as attentively. He sweats in his promos while in his other ranked games he's so chill
Others I've seen do the same. The system is fair, but it's psychologically distressing! I climbed the SC2 ladder to Diamond just fine because there was no worry about promos.
Also, someone else brought this up in another thread, but even if you win your promos, you are not actually happy you won, you're RELIEVED that you won and when you lose you're frustrated.