If we're going by "legitimacy" (within kayfabe), Punk has a much more varied skill set and has demonstrated to be well versed in multiple styles (mainly centering around submissions, grapples and judo-inspired strikes). Rock is more flash in the pan, get shit done with no real center of style. Rock has size and flashy style but Punk has pretty much everything else.
Just because you're 100 pounds bigger and a half a foot taller doesn't mean you're automatically out of the running, the bigger guy could be a clumsy oaf or the smaller guy could have a wider array of strategies.
Plus, you also have to consider ring rust. Rock has had two matches in 8 years. Punk is the current WWE champion. Old time veteran who has been inactive for years vs. the guy who is (supposed to be) at the top of the hill currently.
If we want to talk conundrums, Lesnar should never job to anyone considering how much of a beast he is legit.
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