Every year at this time Keith Law disparages those who think an MVP should come from a contending team. Most of the opinionated on that side come to the table without any logical arguments for their point of view. For that reason they deserve his sarcasm.
I'd like to propose an analytical, economics-based argument for that pov.
Context impacts value in every transaction. A dollar today is not worth a dollar tomorrow, a dollar in the US is not worth a dollar in Italy. Similarly, a player on a losing team, is worth less than a player with the same level of performance on a winning team. Why? Because the only thing that has value for the team is winning. All of the inputs to winning have zero value by definition if the team does not win.
Example - Suppose Keith and I both enter a used book store to buy a first edition copy of Master & Margarita. We both want it desperately and we want nothing else in the store at all. The store owner is willing to sell the copy to the highest bidder. Keith has a $10 bill, 2 $5 bills and 5 $1 bills. I have a $20 bill and 4 $1 bills.
What is the single most valuable piece of currency between the two of us? I argue it is the $10 in your pocket. He gets the book, I've got nothing.
If you can't exchange your currency for goods and services you want they are just green paper. If you can't exchange Hits and Outs for wins, they are equally useless.