No. 2: The Warriors are not willing to go all-in
Facing long odds to make and advance in the playoffs is one thing if you have the entire force of the team and organization pushing with all of their might in that direction. Win or lose, you gave it your all.
It's hard for Stephen Curry to look at recent developments and conclude that the Warriors are exerting maximum effort to put a contender around him. There are reasonable explanations for why they weren't able to add Paul George or Lauri Markkanen or another star, but they all include some manner of "we weren't willing to give up this young player."
Brandin Podziemski was unexpectedly good out of the gate as a rookie. Jonathan Kuminga has some real scoring upside. James Wiseman looked like a future stud at a position where the Warriors hadn't had one in decades. The Warriors have tried to straddle the line for a half-decade, and it has resulted in no obvious player ready to go to war with Curry and Draymond.
The Milwaukee Bucks sold everything it had for Jrue Holiday and won a title. The Denver Nuggets flipped all of their draft picks for Aaron Gordon and Kentavious Caldwell-Pope and came out with a title. The Boston Celtics traded picks for Derrick White and Jrue Holiday and won. Contending teams can certainly make mistakes trying to turn draft picks into win-now help, but it's also what you do to win titles.
Stephen Curry doesn't have much time left to play at a top 10 level. The Warriors sat on their hands last summer, they didn't make a move at the trade deadline, and now have struck out this summer, in large part because they are not willing to let go of these young players they have drafted.
Does Curry want to waste the rest of his prime on a team of developing youngsters? It's a hard pill to swallow for an all-time great.