They have not regressed to the mean. Considering that half the team makes the playoffs and they missed the playoffs by a single point, they effectively were the mean.
They are now bottom 3 in the league in goals scored and are closer in the standings to the Ducks, Sharks, Blackhawks, Canadiens, and Jackets, not the Bruins, Islanders and Capitals that they were supposed to be competing with.
If they regressed to the mean, the mean you're talking about is being an extremely shitty lottery team with no discernible future of being competitive. A team that still lacks depth, still lacks truly elite players at the top, and still has no prospects that will significantly alter the path they are on.
People who provided offense but little else where moved out and replaced with lesser options. The only exception is Kane who has Stanley cup pedigree. Which is the common attribute among those that have been brought in like Perron for instance, Taresenko was added but he appears to be done and on a farewell tour (also has a cup).
The team as currently constructed has one functional line amongst the forwards. Larkin/DCat+1. This is a similarity to 2019-2021 when the wings where pro actively finishing at the bottom. The second line is normally some combination of Copp/Compher/ and usually Kane or Raymond. They aren't the greatest but are insulating Kasper/Berggren so they aren't overwhelmed by functional top 6's.
On defense they have Seider/Edvinsson as the only real pairing. With Ed banged up, and Seider appearing to be working through something as well, there isn't ever more than one d pairing that works. 6-7 guys that perform are only 33% of a NHL team. The rest are rookies getting their feet wet, or has beens that are past their expiration date.
Goalies are likely placeholders while Cossa and Augustine are developing. Talbot seems consistent and still of use. Lyon is struggling more this year.
The team is not built with depth. Ability is suspect outside of 6-7 player's. This is not a team constructed for a playoff finish. It's the truth. if they finish bottom 10, that means the lottery is in play. One forward line, and one d pairing at best can only be on the ice for around 20 minutes a game. They cannot cover for the other 40 minutes of miscues.
While I don't disregard that the lottery isn't likely to benefit us as fans or the organization, it seems that this is where they are headed. So I'm choosing to hope for optimism in the the balls falling our way for once. Because outside of Larkin or the kids cutting their teeth, it is unlikely for improvement or growth.