You might want to reconsider that statement regarding Argentina. From:
2007 (Abbondanzieri, Ayala, G. Milito, Burdisso, Heinze, J. Zanetti, Cambiasso, Mascherano, Gago, Veron, Aimar, L. Gonzalez, Riquelme, Tevez, D. Milito, Crespo)
2011 (Romero, G. Milito, Burdisso, Garay, Rojo, Zabaleta, J. Zanetti, Cambiasso, Biglia, Gago, Mascherano, Banega, Pastore, di Maria, Tevez, Higuain, Aguero, D. Milito)
2015 (Romero, Demichelis, Otamendi, Garay, Rojo, Zabaleta, Mascherano, Biglia, Banega, Gago, Pereyra, Pastore, di Maria, Lamela, Tevez, Higuain, Aguero, Lavezzi)
to 2016 (Romero, Otamendi, Rojo, Mascherano, Biglia, Banega, Pastore, Gaitan, di Maria, Lamela, Higuain, Lavezzi, Aguero)
every time they entered Copa America as the clear favorites. In 2019 joint with Brazil. And every time they failed to win a single cup. That's epic failure on this Messi led generation (he wasn't the leader in 2007 so cutting him some slack for that one). And this is only the Copa America, WCs is another matter. Now you're right still, but regarding Portugal. They're never the favorite and have atleast 3-4 stronger teams (being generous here) to deal with on each EURO and WC. That they won one is quite impressive
also you can't compare the teams one vs another, but rather relative to the competition they faced.