Real, Liverpool, Bayern all had that elite goalscorer up front, whether a striker, wing, or attacking mid. Kane gives City that, ostensibly. Older Aguero, Sterling, and Jesus just wasn't it. This was their chance because their opponent in the final also lacked that elite scorer up front, and they blew it.
Honestly, if Lewa didn't miss the PSG tie due to injury, Bayern probably would have repeated. City getting that top striker makes them viable, but this year they dodged a healthy Bayern or Liverpool and a rebuilding Real and Barca and still didn't do it. It just feels like it's never going to happen. They feel a lot like PSG as far as CL goes.
It'll feel that way until they pull it off. I won't pick them until they've done it once already.