Yeah, Geelong not winning a flag over the past 10 years is like flipping a coin a few times and getting tails each time.
On average, you'd normally expect to get heads at some stage given how close they were. It's silly to write them off as having completely failed and to expect all future clubs with a similar strategy to also fail.
One question that comes to mind for me is whether culture, values, internal narratives etc affect the coin toss to some extent.
If so, I think ours were as good as they get while theirs was as bad they get - but that's another topic... Geelong would normally be expected to have taken at least 1 flag over the past 10 years IMO.