Holmgren decided that they had to win now when he hired CF. Which is why he traded away picks. Then CF panicked at the end of his tenure and traded more picks for Risto and TDA. Overall deficit between 2020-22 of a 1st, 2nd, 3rd rd & 4th pick in 3 drafts. G and Provorov have given them the extra 1st in 2023 and 2024. And they've accumulated later round picks.
Lack of depth is mostly due to misses under Hextall, bottom six players tend to take 5 or so years to arrive, which is why they're bottom six players (if they were more talented, they'd be drafted higher and arrive sooner). CF's later round picks should arrive the next 2-3 seasons, Attard (2019), Desonyers (2020), Kolosov, Samson, McLaughlin, Avon (2021), Kaplan, Bump, Sulku, Gendrdon (2022).