I think this is short of a lot of context.
Rebuilds a relegated team? - He was allowed to keep all the players he wanted and to add whoever he wanted. He had the biggest wage budget in League 1 and the biggest transfer budget. We posted the biggest (or 2nd biggest) loss ever for a league 1 club for those very reasons. To not get that team up would have been a humungous failure. I think he did well in the end but all the cards were stacked massively in his favour. Mowbray had a Championship team playing in League 1.
Last summer he spent more than Sheff Utd. They are now in the Prem.
Mowbray is very, very average in the transfer market. His record shows that. Apart from Dack (an unqualified success) who else has consistently improved the team? Rothwell has hardly played, AA is not a winger and Chapman will be lucky to get off the bench. Those are the four you and others highlight as reasons why he's recruited well. There's another 10-15 players who have either been paid off cos they were shit, or will never be good enough to hold down a first team place. Davenport will be the exception based on the little I've seen. He'll be a shoo-in once his fitness issues are sorted, he looks a quality player.
As for the people mentioning the play-offs, that nonsense came from Mowbray. He's very adept at saying the right things to get fans onboard. If the manager says 'top 6 or top 2' is the target then fans will want to believe that. You blaming the fans for believing what the manager states is the clubs ambition is bizarre.
He's a long way from being a victim of his own success. If he doesn't get his recruitment right this summer we will struggle next season. The margins were very fine last season at home - a lot of those games we won by a single goal. Away from home we got regularly trounced. Millwall, newly promoted, just missed out on the play-offs when they first got promoted to the Championship. The season after they just avoided relegation. Preston did worse in their 2nd season up. Sheff Utd were the exception but then they have a top class manager.
We are middle of the road by the clubs own admission as far as finance goes. As John Williams used to say your budget normally dictates where you'll finish in the league. We finished just below mid-table, which is probably about right.
Mowbray isn't a good enough manager to punch above the financial weight of the club he's in charge of. So I agree, talk of the play-offs is fanciful with Mowbray in charge. If the owners are happy to bumble along in lower-mid table then Mowbray might be the right man for the job. If he's there to create vast profits from buying low then selling high they might as well get Bowyer back.
Next season, all things being equal, we'll finish mid-table if we're lucky. With the same players and budget someone like Warnock would have us in the play-offs. That's the difference. Mowbray is bang average at his job.
Unfortunately Venky's will never employ a manger capable of achieving what they crave - promotion to the Prem.