The argument "Ken Holland doesn't suck because there are GMs who suck more" doesn't work.
Then by your definition, there is one good GM and the rest of them are terrible. That's an odd way of seeing things.
If people are going to credit him for the old system's success, then you can give credit to Shero for constructing a team for the new system.
The Red Wings have still, to this day, had more playoffs success in the post-lockout era than any other team. While the Wings have won only one Cup, Holland has been the only GM able to maintain momentum from before the lockout through six seasons afterward.
Ray Shero did not construct the current Penguins team; and if you're using the Pens as an example of how to build a team in the salary cap era, then you are advocating a course of action by which a team should be terrible for several seasons in order to garner lottery draft picks. Shero inherited Malkin, Crosby, and Fleury from the Pens' long stretch in the doghouse, and upon entering office promptly had the 2nd-overall pick to spend on Staal. To sum up, Shero started off with two of the top five forwards on the planet in his system at entry-level salaries, amongst others. He inherited a team that also already included Orpik, Talbot, Malone, Whitney, Gonchar, Letang, Kenneday and Scuderi. He traded Whitney for Kunitz, yes, and he fleeced Niuewendyk in the deal for Neal. But other than that, his moves as GM have not been very noteworthy, and not a single one of his draft picks (Staal excepted) has yet made an impact in the NHL. And whatever the case, the core for his team's success was absolutely, indisputably in place already when he took the job as GM in 2006.
Holland has been an abject failure since the cap was implemented; I refuse to credit the 2008 championship to him considering something close to 60% of that team was Hakan Andersson finds.
I'm not sure what else to do but shake my head at this.