This season that just ended was the opportunity Arsenal have to change their faith, things would have been better if they had won the league but is not all about having everything like you said the Gunners have all it took to win the league, they don't to me. They lack that consistency of getting more goals when it matters the most, like goals to give them 3 pts but they settled for draws more so it can't be matched to the Citizens that hardly get draws. Is better for City to lose all 3pts than settle for a draw and you see them coming back harder and better to win their next game, when it has to do with Arsenal they chose to draw straight 2games than winning.
The difference between Manchester City and Arsenal last season is just two points. City won the last two season with five points difference. Last season Arsenal drew just five games while City got a higher number of seven draws. The only difference was that the Gunners lost five games while the Cityzens lost just three. Therefore the problem with Arsenal was not settling for draws but losing important games after occupying the top spots for a greater part of the season
The fans of the Gunners are really patient to always stand by the team, the manager and the board whenever they're messing up, you hardly see banners of sack this person or change the board, no not with Arsenal but if they finish second again next campaign I think it has to be officially said that they're club with bucket filled with bad luck, nothing celebrating can ever happen in that club, until next season.
The few Arsenal fans I know are very faithful to the club they always believe that the next season will be better. I feel pity for them because they have gone through two heavy heartbreaks but they are still hopeful that Mikel Arteta will deliver the trophy next season. From my observation Arsenal is preparing more than most clubs in the EPL for the next season. Arteta is doing a lot of reshuffling on the team. Hopefully, they will get a prestigious trophy this season.