Totally agree with what you have said, but its like most things that are an issue....they don't become and issue until things start to go slightly wrong.
When FSG came in we were just happy to be away from Hicks/Gillette, all the doom laden newspapers suggesting that we could go out of business. So the new owners came in and there was reief and hope that they could get us back to those former glories. The (mistaken) belief that they would be different from other US owners (Kroenke/Galzers etc and would pump money into us with abandon.
We have to be happy for what we got and the big buys, but they are a drop in the coean really in comparison to the invrestments in their other US based sports franchises.
The improvement and the hope ("It's the hope that gets you") meant everything was rosey...and being realistic apart from the last 2 months things arent too bad, we are still going and there are always others worse off etc. the CL & PL wins made everything wonderful and it is only now that we start to see the cracks. the analysis does show that we do not have strength/quality in depth.
It does show that the policy of having 2 quality players in every position makes sense and with the revenues coming out of the PL now, there is nothing really stopping clubs from doing what City have done.