This is the culmination of years of low standards.
Here's the 6th placed teams mentality: finish 6th, get top 4, get top 4 again, push for title, push in Europe.
Throughout every part of this club, finishing 4th has been in the conciousness for years. We can dream of the title but once that's gone don't worry, we'll get 4th. Iwobi's comments really angered me, 4th shouldn't even be in his mindset but he's a young player and it most definitely is at the forefront so it'll be in the rest of their minds too. Wenger reminds us of it constantly and how proud he is of that record. When has any coach INSIDE the top 4 gone on about top 4 so much? Sure Spurs, Liverpool and Everton managers can go on about what a great thing 4th is when they're 5th/6th/7th but when you're up there already it's a bit weak.
If you go for the title you'll inevitably spend time finishing 2nd and 3rd instead of 1st, and if you go for 4th you'll inevitably at some stage end up being 5th or 6th. We've come remarkably close on a couple of occasions and this time our luck has run out.
If players gave up on Mourinho, Ranieri, Pellegrini then it's not hard to see players giving up on Wenger too.