The Champions League pervades everything in top division football now. The European Cup was still the pinnacle of achievement, but it didn't urinate all over the UEFA and CWC like the CL urinates over the Europa League.
Arsenal will go 8 years without winning anything. But that's okay, because they've qualified for the CL every year, which is the same as winning a trophy.
The loss to Southampton last week made a lot of Chelsea fans very angry. A top 4 finish was the most important thing and if it meant going out of both cups then so be it.
So I don't think the poor reaction to the EL actually has much to do with the EL, it's just the natural side effect of the worship of the Champions League as being the place to be.
I like the Champions League. Some of the most exciting football I've ever seen has been in the CL. It was an awesome thing winning it. And seeing players like Messi and Ronaldo display their magnificent skills around the world so often shouldn't be ignored.
But the CL has many negative factors too. It distorts leagues because the CL teams have such a huge amount of money other sides cannot compete. It has damaged cup competitions to the degree that some sides wouldn't even enter if they could opt out.
The biggest problem the EL has is that it's not the Champions League. That, and dealing with the modern fan (and owner) who demands success yesterday and will throw the toys out of the pram if they don't get it.