Think OP is pretty spot on. For me, it’s the defensive issues that have been the biggest problems. Also, moving Fern from midfield where he was one of the best players in the world, to defense, hasn't worked out. Rodri has potential and is not a bad player, but hasn't been close to Fern.
Also, the tinkering with the back 4 which we knew would be a problem considering Kompany leaving and Stones going from bad to worse hasn't helped either. Then Laporte was the ultimate blow of course. Liverpool play more or less the same back 4 week in, week out, with the only rotation being the player next to VVD. That creates stability.
Offensively it's not a huge problem imo, but we have scored "too many" in games where it hasn't mattered and it's been a matter of goal margin. Some games, we didn't find ways through, and we waste too many chances in games like Spurs where we totally dominated without winning.
Overall, it's been a fantastic couple of years and I'm not overly worried. One cycle of players, starting with Yaya, is about to end, and a new one has to take over.
I think we have been hampered about uncertainty regarding FFP and UEFA and if CAS throws the case out of the window (which I think will happen), I'm sure we won't be afraid opening the cheque book. We have undoubtedly had the greatest team during the 10's and sometimes it's easier to rebuild and play catch-up which Klopp has managed to do with young players, and now they have finally arrived. If we manage to get young and hungry players that will learn from the more established ones and sort out our defensive frailties, I'm sure we'll be up there again next year.
It's pretty good being a City supporter after all, and there is more to compete for this season already. I'm sure most people would accept a Liverpool PL trophy if we get two domestic cup titles and a CL trophy.