India is dominating the rankings due to their dominance in all the departments - batting, spin and pace. Their best performances occurred in South Asia, where the conditions are more conductive to spin bowling. But as you said, none of the current test playing teams (12 in total?) are unbeatable, and that is applicable to India as well.
I agree. Some people just don't understand just how powerful the Indian team has been in recent times which is why they shy away from the truth. Obviously, no team is perfect and every team basically wins and loses at the end of the day.
Based on my research, I am pretty confident that either India or England will lift the World cup this year.