I think it's more the lack of postseason success that has made the fans cool on the product, not an issue with the players themselves.
Fran had a 2 seed and the result? 2nd round blowout loss. Then the following year, that was as exciting of an Iowa team as I can remember since the late 80s when BJ, Roy and Ed were here, and were playing about as well as any team in the country going into the dance... Then laid an egg against Richmond. That's where Fran totally lost me. It's hard for me to get excited when it feels like a 1st round loss, or getting blown out in the 2nd round, is the ceiling no matter what kind of team Fran puts on the floor.
As you said, the talent has been there at times.. The results have not. Not in the postseason, anyway. Right or wrong, I believe that's how a lot of fans measure the program. Iowa has been past the first weekend of the tournament ONE time in the past three and a half decades. There is no buzz around the program these days.