I see it the same. Still think there is room for a great underdog win like a Porto 2004 stuff. Napoli seem in the zone. The bad news is that Madrid built a dinasty out of winning CL in average years, smashing the pretender good clubs. And average years are called that because they are the most common type of years in interclub knockout competition. You don't see Madrid winning when there is an elite dominant team around. Just when you have these periods of good, not great teams being around in the competition, waiting for a giant mental monster like Madrid to kick them out while exposing their flaws.
Hence why their wins are not against likes of mid 00s Milan, late 00s and early 10s Barca etc, or what could be qualified as an elite complete team. But Leverkusen, Atletico, Juventus, Valencia types. They do seem to kick out Bayern often though, which is their favorite most impressive recurring victim among the big boys, until Klopp's Liverpool got jealous and decided to challenge them as Madrid's favorite callgirl. But then Klopp Liverpool showed on Camp Nou, losing 0-3 to an average Barca, that they are not quite what they seem. And then got knocked out at their peak, at home, by a fucking average Atletico version.
Liverpool got exposed big time. And Madrid are just proving they have the 2-3 pieces that Valverde Barca lacked to win the CL back in 2019.