It's not that fans are underestimating Real Madrid, it's that Manchester City have been incredibly strong for the last few seasons, they are going for broke, if you can call it that. Added to that is the fact that these two teams met last season and Real performed poorly, to put it mildly, getting thrashed, so fans remember it all the time
It was an unforgettable match for Real Madrid and this season it was like they were reunited with destiny and had to face Manchester City again. I think this could be an opportunity for revenge and maybe Manchester City won't be able to stop Real Madrid. Sometimes defeat teaches important lessons and Real Madrid realized this when last season they were knocked out by Manchester City. They have now cleaned up and will fight to win back the title they have been eating all the time.
Maybe they have cleaned up their act, but Manchester City haven't had to "clean up their act", they are fine as they are and are a real threat to Real Madrid. In fact, this is a match of the level of the final, not 1/4, but nothing can be done, if either of these teams will fly out at this stage, it will be impossible to say that it was undeserved, because they are two mastodonts in football
It seems you should also know that in the last twoseasons, Manchester City and Real Madrid have always met in the semifinals. Their first meeting happen in the semifinals of the Champions League for the 2021/2022 season and Real Madrid managed to beat and eliminate Manchester City in the semifinals and then Real Madrid won the trophy. After that, in the 2022/2023 season Real Madrid and Manchester City met gain in the semifinals and Manchester City managedto beat and eliminate Real Madrid in the semifinals, andthen Manchester City won the trophy. So ya, it could be said that thisseason will be the third meeting between Real Madrid and Manchester City, but the only difference is that thistime or thisseason the meeting took place in the quarter-finals. With a record likethat, it is clear that we cannotsay Manchester City is better than Real Madrid, because infact, theystill have the same goodrecord and results at least in the last two seasons.