Well this iteration of players have never gotten a chance at best on best. I think the 2016 team even was only for like players born before 1990 or earlier? That entire generation of players has almost entirely passed through now (exceptions like Crosby and Ovechkin going strong). The last two Best on Best Olympics back in 2010 and 2014, they went to OT with Canada in the Final on their home ice, and then won their group and got drawn with Canada in the Semi and lost a close one at 1-0, and Canada certainly had clearly better rosters on paper. I think even the most critical would say the gap in terms of overall player quality (and certainly quantifiable metrics like proportion of NHLers) is less now than it was then.
So we'll have to see this year and next if this is the group that can change the tide. Based on their ages, it certainly was the ones to do at the Junior level whereas the previous groups looked much like the senior results. So if that can carryover with hopefully more recurring Senior-level best on best, or at least close to it, competition that would be good.
Now the World Championships, can say what you will about lack of buy-in and such which is all true. You'd still expect them to fluke out one or two by now. But for whatever reason, the semifinals in particular is some big mental roadblock regardless of the team they bring.
