Because there are other rich teams there, so Bayern is still not as good as their old self, back in the day they were one of the best in Europe too, not just Germany, now they are not there. I would guess they would not be a team to fear if we saw them do fine, like if any team faced them, it wouldn't be as scary as 5+ years ago, maybe back in the day it was a scary thing to face them, but not anymore because they are much worse.
I think it's quite fair to give Bayern Munich less chance for the CL title compared to all those teams by bookies. For next season I mean. Liverpool, Real Madrid, Barcelona, Arsenal, PSG and Manchester City...
All of them are favoured more currently. Yeah, Bayern Munich reached a further stage than Liverpool and Manchester City last. This part can be debatable but I don't think they'll be the same next time. But for now I can't be sure of Kompany's club in this arena.
