On paper, this squad is clearly stronger. Defense and GK positions are better with the Alex Sandro, Rugani, and Neto signings. Midfield is better with Marchisio in the center and Khedira as a starter instead of Pirlo, who was finished. Depth in midfield is also better (Asamoah, Lemina, Pereyra, Hernanes, Sturaro vs. Pereyra, Sturaro, Padoin). We only had two good attacking players last year in Tevez and Morata. We lost our best player, Tevez, but we have three good attackers this season in Cuadrado, Morata, and Dybala, and Mandzukic is also a much better backup than Llorente.
While on paper the current squad is clearly superior to last season's, you also have to take into account that we lost a lot of chemistry (4 seasons' worth) and leadership, and a team with 10 new players also needs time to gel.
All in all, taking everything into account, the current team is on the same level as last year's.
We lost so many points at the start because we had three of our four best midfielders missing (Marchisio, Khedira, Asamoah), Lemina and Hernanes hadn't been signed yet, we needed time to gel, Allegri needed to find the right tactical solutions, Dybala wasn't starting yet, and we also were unlucky with finishing. When you have Padoin and Sturaro starting in your midfield, losing some points really shouldn't come as a surprise. Any team missing three of its four best midfielders would struggle.