It's a fair point. We bought Shaqiri for squad depth - Man City bought Mahrez
Quite a difference there. But still, we should be competing, there's no reason not to at this point. We've two decent players for each midfield spot, and similar (although to a slightly lower standard) for our defence. Our forward line needs another body to cap off what's been a great window, and after that, I'd say we're ready to go.
No excuses from me. This squad shouldn't end the season without, at the very least, competing right until the very death for whatever trophies we choose to prioritize.