You can't say they're not a big club. Their history is spectacular, their fan base is not made of glory hunters, because there wasn't any glory really to hunt in the past decades, they've got that stupid song everyone is so turned on about every time they play and on and on. Also, seeing us spending so much in the previous three years and winning nothing but an FA Cup and Community Shield is something very laughable for the fans of our rivals.
But, you're right on the money when you say they're not entitled to anything. That's a fact, period. Their successful moments can be compared with the likes of Sevilla's triple, Villareal playing CL semifinal, Napoli fighting for title etc. No matter what their minds can make up, Liverpool is a mid table club without any doubt.
It's funny how papers can boost Scousers by being surprised every time Liverpool are smashed out of League Cup or beaten by Southampton in the PL.