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In my opinion, the European teams are tired and also not very motivated with this competition, mainly because it is transfer season. Many players will save their physical condition to avoid injuries and not being signed. In other cases, they will save themselves because the next season starts in August.
But I have no doubt that the American teams have great potential. They are strong, they play well when they are facing European opponents, but when they play against each other, they play so badly that I cannot watch the games involving two American teams against each other.
In addition to the club having a fairly tight schedule, several key PSG players also have to play for their national teams, either in the 2026 World Cup qualifiers, or those playing in the UEFA Nations League which just ended yesterday, so it is quite natural that at this time several PSG players feel quite tired. Added to that, the World Cup match between clubs took place in South America, which of course several European players are not used to the weather with temperatures in the region, which makes it quite difficult for the players to maintain their performance well, including PSG players.