You seem to be misunderstanding the issues here so I'll spell them out in small words:
1. A warrant was issued on the basis of a phone call
2. The warrant named the wrong guy.
3. So Mr. Wrong Guy has the full force of the government down on him
4. And the right guy hasn't been arrested yet because the police have screwed up the warrant.
5. And you are okay with all of this.
Yep, I’m completely okay with it. Because now a full investigation will take place.
The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.
Okay. The warrant still was based on probable cause that a crime was committed. "Probable cause" can still be wrong.
The question then becomes whether the police, in the process of executing a lawful warrant, saw evidence of criminal activity. The answer is unambiguously, "Yes."