This is a very valid point. We have been terribly run for a long time now, except for Fergie's genius could mask it. When he left, the shoddy house of cards crumbled, and it exposed just how badly we are run as an organisation.
However, I feel we've also appointed poorly, for the most part. The weird fascination with failed managers from our own fanbase is absolutely bonkers, and it's something I'll never understand. We've done feck all in the post-Fergie era barring some cups and two second place finishes. One of those second place finishes (Ole's) had us at an Xg of 66 points, which would have had us 4th (2 points behind Leeds' Xg). Yet, still, these sorts of things are still celebrated by some of our fanbase.
I grew up through the good times under Fergie, and what I've seen over the past 11 years has been nothing short of appalling. We've squandered 100's of millions, bought absolutely terribly, appointed poor managers etc. I find all of our previous ex-managers tenures inexcusable, yet some seem to genuinely believe that some done a good job. I think the standards across the fanbase and the club is at absolute rock bottom, and I have little faith in our immediate future. INEOS were supposed to be this big beacon of hope who would bring in the "best in class" but the early signs aren't promising, in that respect.