The Rockets have been sort of competitive for exactly 1.5 seasons. That's not a number vastly greater than 1. If you don't think 1 playoff appearance say much, then you probably shouldn't be thumping your chest on 1.5 seasons of high level regular season play either.
I'm thumping my chest on the available data, which would suggest they have been a very competitive team in that time frame. That is all. I'm not interpreting it beyond that suggesting they SHOULD have been any more or less competitive. I'm living in reality.