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The Ecuador Federation actually published their selection criteria in the spring. Selection was based on UCI points gained from the start of the season though, which kind of sums up how haphazard most cycling federations are.
Jhonathan Narvaez was selected for Ecuador which, given the results he got in the first half of the year, is fair. But both he and Carapaz have been critical of how it's been decided.
I heard Carapaz also wasn't selected, despite being the current Olympic champ (for what that counts for).
He's a good climber, and if the Slovenian athlete is also a good climber, but not going, maybe there is a little bit of consistency with rider selection?
Not seen the route though, so could be miles off