I'm not sure if it's because we were "poorish" as such, but rather because we have been so consistent in always finishing 3rd/4th that a general malaise sets in. I think that had we done much worse (only just avoided relegation or even been relegated) there might have been more of a rallying effect. Had we gone down and come straight back up again, there would be more of a feel good factor, even if this obviously represents a worse couple of seasons in real terms than making and failing in the promotion play-offs a couple of times.
There are obviously other issues, also. The standard of football last year in terms of entertainment was particularly dire. And there is a weird failure to communicate properly at the moment, in particular in term of budget. My understanding is that budget will be less than last year but still perfectly competitive and in line with that of about 2 or 3 seasons ago. However, it does seem that there is a strong narrative on the forums and amongst the fans that we are broke, the budget has been slashed and we'll really struggle as a consequence. I don't believe this is the case (I mean, we may really struggle-new inexperienced manager etc..- but if we do, I don't think the set budget will be the main factor). However, the club has done very little to address this narrative and reassure the fans.