Correctly. Because Bayern are a fine team and the expectation is that they will perform well this year. It doesn't change the fact that they were terrible last year, and still won the title. Which kind of proves that the Bundesliga is weak.
Since you are bringing odds into it, on Paddy Power right now, Bayern are 3/10 to win the Bundesliga. Man City are 8/11 to win the PL.
In other words, the bookies feel like it is more than twice as likely that Bayern will win the Bundesliga than Man City will win the PL.
Incidentally, the 6th favourites to win the PL (Newcastle) are 16/1 whereas the 6th favourites to win the Bundesliga (Frankfurt) are 100/1!
There are lots of things to like about the Bundesliga - the 50+1 rule chief among them - but there is little point in pretending that the Bundesliga is competitive for Bayern or has any great quality in it.
@OverratedOpinion