This is all off the top of my head and will no doubt be picked apart by the forum, but here's what immediately springs to mind:
1. He's done a lot of good for the club since he was hired, and the goodwill he generated from this hasn't yet evaporated because of a bad run of form
2. His stats since he took over still compare favourably to other managers
3. He's got us consecutive top three finishes in the past two seasons
4. He's signed well, and sold well too - even if he hasn't managed to shift all of the 'deadwood' yet
5. Despite the criticisms on coaching he has gotten improved performances out of certain players, eg. Shaw, Greenwood. I daresay even the likes of Fred & McTominay improved under him until their recent drop in form
6. He's done well against the top six, eg. Pep
7. He puts the club first unlike Jose or LVG, or potentially someone like Conte
8. He's got a really fecking tough job, and will benefit from our support
9. We often start seasons indifferently, sacking him in October when 2 points off top spot would be kneejerk
10. I don't want Conte or Zidane managing us, and better alternatives aren't available
11. Forum favourites like Poch or Nagelsmann have hardly been perfect so far despite having amazing squads at their disposal
12. I honestly believe the players still buy into him as a leader, although I do worry the media and recent fan reactions will eat away at this
I said before the season started this was a make or break this season and I stand by it. If he fails this season and there is a strong alternative in the market I'd be inclined to move on.
If Klopp or Pep were available I'd take them tomorrow, but they aren't. I'd consider Poch or Nagelsmann or Ten Hag but none of these are available either, and in the case of the first two I'd like to see them prove themselves at their current clubs.