Yes, the previous season Bayern Munich, PSG and Manchester City were more favored than Real Madrid, even Real Madrid become a champion, it still not make people think Real Madrid has the highest chance to win. Real Madrid mostly become an underdog against a popular club, Real Madrid bettors were making a lot money in the previous season.
I think the struggling of Real Madrid become a champion in the previous season make people think other clubs are better. So Real Madrid need to prove in this season if the previous season wasn't a fluke.
I'm sure no one thinks that Real Madrid won the Champions League last season by chance because they were able to beat a top team not just once but since the quarter-finals they were not favorites but in fact they were able to answer this doubt.
What Real Madrid has done on the Champions League stage is inseparable from the high and good mentality of this team and the mentality of the Real Madrid team above other teams.
Likewise this season, Real Madrid is not more favored than Bayern or Manchester City, but no one dares to underestimate Real Madrid because it is very possible for them to repeat the same thing as last season.
talking about real madrid, they are an unpredictable team, their epic comeback will give everyone a big surprise, just look at how they humiliated Barcelona in the last El Clasico match with a score of 4-0, after being humiliated several times by Barcelona
apart from madrid, bayern is also a very tough team, especially now that they are being handled by tuchel, so the chance for Bayern to win the champions league is also very big