Before the quarterfinals began, here are the odds on the title holder:
England - 4.75
Spain - 5.00
France - 5.50
Germany - 5.50
It is obvious that England's path to the final will be much easier than the rest.
In general, fairly fair quotes and I must note that there is actually no favorite. Now compare that to the Cup of America

England being the top contender to win the title is just hilarious. Sure they are on the lucky side of the bracket but how would this team beat Germany, France or Spain in a possible finals matchup after barely winning/drawing against the the teams they already faced in this tournament.
Them being on top can be considered an insult for all the other competing teams left in the tournament.

England were the main favorites before the tournament (slightly ahead of France) and then it seemed logical. But it turned out that neither the head coach nor individual players (like Foden) can surprise with anything and play entirely mediocre. Now Spain is the actual favorite since they are rated a little worse than England, but they will have to play with the hosts of the tournament and then with an equally difficult opponent. And this seems fair since Spain have the best game in the tournament.