We can argue around for ages... the issue is, you missed your planned connection at MAD. Why they didn't rebook you on the Swiss flight or later on the 20 h IB flight, we don't know (maybe the 8 pm flight was already overbooked).
What you need to know is whether the delay was due to "traffic restriction" or due to something else. Only your complain to AESA will give you the answer to that question (it may take a while until you get a reply).
There aren't delays every day at MAD. Last Wed I connected at MAD with a short 50 min connection. Everything went smoothly.
As yllanes advised, complain to AESA. Based on the outcome, complain (again) to Iberia.