Maybe that's part of the story.
Well, "Thargoids consistently defeated, never really gain a foothold, go home" - as it was looking like in 3.0 to 3.2 - didn't give a particularly good impression of the Thargoid invasion. Lots of threads over that period asking "so, where's this invasion then?".
An increase in the danger level wasn't unexpected.
The problem is Frontier seem to have got the worst of both worlds here.
- the attack is still far too slow and weak to be a serious threat to the bubble in our lifetimes
- it's also far too strong for it to be countered, and the experience of anyone trying is generally of losing.
I suggested elsewhere that a possible solution would be to vastly extend the scope of the Thargoid attack - have them strike at 500 systems a week: the Eagle Eye target and anything within 20 LY, say - but also make any individual system really quite easy to defend, the sort of thing that a single dedicated player could manage in a day, or a less prepared minor player group could easily do in a week, or a major player group could protect all its 20 systems with some effort. (And of course dedicated AX groups would just go around defending wherever)
Then, the bubble burns - entire clusters of systems might fall - but regions or systems that people care about probably survive, and for most commanders the experience of the Thargoid war is not "well, we lost again, another six systems down" but "we held them off here - our systems survive". The war might be going badly, but commanders generally win the battles they take part in.
Similarly, make the mechanism for taking back fallen systems relatively easy on a system-by-system level: if a player group loses a couple of systems, then it can probably recapture and repair them in a few weeks. Make the "we're in trouble" come from there being hundreds of damaged stations, not the effort required to repair an individual one. (Whereas at the moment we're going to rapidly get hundreds of damaged stations all of which require significant cooperation to repair)