Of course they might be good enough to qualify on a world level (however, I doubt it for Argentina's Handball team), but that is not the point. The point is that in most American continental qualifiers there are only very few competitive teams, so the only World class team gets basically a free pass.
For example: Women's football. Of course, USA and CAN are world class and it is absolutely desirable to have them at the Olympics. But the qualifier is ridiculous: Two competitive teams compete for two direct qualification places, wow. In Europe, however, there are six or seven World class teams competing for three places. That sucks and is beyond comparability. And please, don't come around with "Costa Rica improved a lot lately" ... CRC would not even have a chance for qualification to the European Championships.
Nearly the same in Pan American hockey: One very good team (ARG), one good team (CAN) competing for one direct place is not comparable with the depth (4-5 very good teams) in European hockey.