That's not really how the story went. That was part of it, sure, but not the whole story. Not even close. They didn't compete anywhere close to how they are competing now. And kudos to the players for being able to progressively turn that switch up. They are really playing a solid team game night in/night out. It's impressive. But they weren't playing anything close to their capability early in the season.
The only part you got right is that people overreacted. Badly.
I think the problems identified that most people (who kept their heads), were/still are legit.:
- needed better goaltending (definitely stepped up)
- defense was a mess (MP and Cough dropped helped stabilize)
- need a top four, good skating, offensive blueliner in the Daley mould (biggest need IMHO)
- Rust and Guentzel need to step up (definitely has happened)
- need more speed and skill in the bottom six (jury is still out)
- Brass needs to step up (jury is still out)
- Malkin needs a LW (jury still out)
- Malkin needs to awaken from his slumber (still snoozing )
I think most of these issues will need positive outcomes by the end of the season if they want to make a legit cup run, even though things are going good guns right now.