from Wikipedia

In a random knockout tournament (single-elimination without any seeding), awarding the second place to the loser of the final is unjustified: any of the competitors knocked out by the tournament winner might have been the second strongest one, but they never got the chance to play against the losing finalist. In general, it is only fair to use a single-elimination tournament to determine first place. To fairly determine lower places requires some form of round-robin in which each player/team gets the opportunity to face every other player/team.