I agree with that Barcelona's name making an impact of the odds and not the real power of their football. They are really not doing so good this year. Europa League is of course different but in La Liga they only managed to get 8 wins out of 20 games this season. And I would expect they will not go too far on the Europa League as well. They are just not the old Barcelona, although the reputation is still there. Therefore the odds, I think.
and yes they have been made more of a joke for their form this season than a compliment, because it is as you say. Barcelona era with their tiki taka seems to still exist but not as complex as it used to be which is still feared.
they are currently in good possession of the ball but their lack of a leader and control of attack makes them lose their way.