Reality is that teams change from year to year. And while it's tempting (and fun) to point out how strong the Big 12 is by beating up on what had been (in 2021 and 2022) the strongest PAC team, it doesn't make any more sense than pointing out how well bad PAC teams (ASU and Colorado) are doing in the Big 12.
I do think it's interesting that, as of this moment, the top team in EVERY P4 conference is a newbie.
ACC: SMU
Big 12: ASU
B1G: Oregon
SEC: Texas