Bob Backlund came back after a decade, didn't immediately go after the World Title, and actually lost quite a bit at first.
Apples to oranges with Punk? Nah. The only people who would make that argument are those who weren't actually around for Backlund's first run in the late-'70s and early-'80s (which includes me, to be fair). Otherwise, they are pretty similar situations.
As for the Eliminator tournament itself, I can understand the general criticisms - some of the entrants, both this year and last, seem completely random.