I agree. Hillary also had a lot of intervening events, such as the Comey Letter being released two weeks in advance of election day and (believe it or not) Wikileaks that helped bring her down as well. Along with poor campaign strategy in terms of where she visited and where she didn't. She was also a Democrat running for a third consecutive D term in a country that generally doesn't reward in-parties like that.
All of which to say is that you can point to many different factors in a race that was decided by about 80,000 votes in three states. It isn't just because labeling him a bully didn't work.
But I do think that looking at everything through the lens of 2016 (as many still do) ignores the ways in which the electorate and the candidate are much different today than they were eight years ago. Donald Trump was much more of an enigma, much less defined, and (believe it or not) was perceived as much more of a moderate on social issues than he is in 2024. His performance in the suburbs in 2016 was likely the high water mark, and it's possible (if not likely) he will do worse there in 2024 than he did in 2020.
Then you get to his personal characteristics... he's 78 years old, much less coherent than he was eight years ago (which is saying something), he's been implicated in legal fights and issues (yes voters are aware of this), isn't focused enough to actually talk policy or carry out a campaign strategy (see: NABJ Conference).
He's not a Colossus, and talking yourself into learned helplessness, saying things like "can't do that" or "what about 2016?" over every single thing (such as "weird") that comes up to accentuate the personal or character differences between the two candidates seems like a self-defeating strategy in its own right. Yes, they need to focus on policy and highlighting the phony nature of Trump's populism, but you need to layer in supporting data to support the charge of "phony"... and a lot of that is going to be by poking at their weaknesses in character.