Maybe because the best tier 1 prospects choose cs instead of valorant? you are free to argue if eu val has fallen off, but because cs remains more popular, val simply doesn't have such a huge source of talent there, like apac or china or americas?
See I agree they didn't won a tournament
But it's not like they were getting smacked like CN other than EDG
Th came #2 in back to back GF
LA was bit unlucky for FNATIC as they have to face their kryptonite twice ( They didn't deserve to win but a slightly better seed and FNATIC would have clean sweeped 2023)
Madrid and Bangkok is quite similar when they have young teams and they crumbled under pressure
They are still top contenders and not like CN #2-3 seed where fell off is quite visible)
Moreover AMERICAS #2 SEED SEN LOST TO TL #2 SEED of EMEA
So the competition is super close
I think stats sometimes don't give the whole overview