You are onto something here. You distinguish hopes and expectations. Many fans don’t. I share your hopes. My expectations, however, are based on facts rather than desires. Our program history over the past dozen years doesn’t justify a final four expectation in the immediate future.
The landscape has changed substantially in recent years. The portal has vastly increased—for better and worse—players' ability to change teams. NIL favors the few teams with lots of money to spend, and reduces the relative attraction of the LVs' proud history. Where once there were a handful of clearly exceptional teams competing for the top high school talent (and we were one of the very best), now there are many more. And sadly, our recent history of being pretty darn good but not exceptional is visible to all.
Coaching at the highest level is relatively immobile. Consider which coaches have won a natty or competed in the FF. McGraw retired. Van derVeer retired. Mulkey is nearing retirement age, and Auriemma is there. Frese is close behind. Ditto Shaefer. None of these is apt to move. All are already making lots of money.
Who else has championship level credentials? Dawn Staley. Earns a ton, is admired and appreciated where she has built a top notch program, has no incentive, monetary or otherwise, to change locales.
That leaves our AD a number of mid-major choices, one of whom is in her second year with us. I'm sure she is aiming at the E8 and FF. I'd be surprised if her players do not share those targets. Getting there may take a while. Among the P4 ranks, candidates might include the coaches at UNC , Louisville, and Duke, and for lots of reasons those are dicey or off the table.
Summing up, you and I share a hope. Expectations based in today’s reality are a little more modest than the hopes.