I see that Maz already kind of made the point, but I went to the trouble to type this so fuck it
Those early 90's teams were basically Karl, Stockton, Jeff Malone and a bunch of indistinguishable role players. Mark Eaton was on his last legs at that point.
They lost the WCF in 6 games to the Blazers in 92, a much deeper and more talented team.
They lost to the Sonics 3-2 in 93, a team that could match up player for player with Stockton/Malone and was also much deeper and more talented with guys like Ricky Pierce, Eddie Johnson, Nate McMillan, Michael Cage and Derrick McKey.
In 94 they improved their roster by bringing in Hornacek and Tom Chambers, made it to the WCF and lost to the eventual champion Rockets 4-1. I can see the case for underachieving this year in not making it a closer series, but Olajuwon was the best player in the game on both ends of the floor at this point.
95 they lost Jeff Malone and Chambers was basically done, won 60 games anyway, and lost again to the Rockets, 3-2 this time. This is considered one of their bigger disappointments, but the Rockets were a team that came together after the Drexler trade and stormed into the playoffs. Rockets had a better team and won the title again.
96 they lost to the Sonics in the WCF in 7. The Sonics won 64 games that year, were yet again were more talented top to bottom, and gave the 72 win Bulls a run for their money once they decided to put Payton on Jordan
I could go on, but basically they never lost to a team they clearly should have beat. Almost every team they lost to either went to the finals or won the title. To call a team underachievers they have to be losing to teams that they are better than. The Jazz never had great depth in the talent department, it was Stockton, Malone, J Malone/Horny and a bunch of solid role players. Most of the teams they lost to had players coming off the bench who could have been stars on other teams and/or went on to become all-stars
