Obviously the problem isn’t his performance, but your expectations. He has never done anything to give the impression that he could medal. I wouldn’t have been shocked to see him medal, but anyone who expected him to medal is obviously delusional.
The bigger question is why he didn’t focus on the 100 free instead. He has a lot of options concerning the 2028 Olympics. He could add the 100 free/100 fly/200 IM to his program or stick with the 200 back. Italy has promising talents in men’s 200 free, so if Ceccon could get to sub 1:46, their relay might be a medal contender in 2028. Right now it looks as if his best option would be to stick with the 100/200 back and also try to qualify for the two free relays. 5 medals (3 relays, 100 back, 200 back) seem possible, which would probably make him the most decorated Italian Olympian ever?