Chelsea won the Champions League season before last, and won it twice since we've even reached the semi-finals. They've won the league more recently than us, and more regularly since we have too. They've also only missed out on CL football once in the last 7 (?) seasons, and they won the Europa League that year. Since we last won a trophy, Chelsea have picked up the EPL (same season), Europa, CL, Club World Cup and FA Cup. Add to that, you're based in the most desirable part of one of the most desirable cities in the world if you play for them.
I hope you're right in regards to Chelsea not bidding, because if they are we better hope that ETH's pull is strong/he has a soft spot for the club. That said, Chelsea seem to be ready to spend serious money this window so don't think wages would be an issue. Cucurella would take their spending to around 130m, and Frenkie would presumably push it to over 200m.