It was 'watered down' because Obama is a Reagan-era conservative that fully believes and has wrote about supporting neoliberal economics (aka trickle down) and was using naive 'progressive' liberals to get elected and take the steam out of popular protest and progressive movements that did threaten the oligarchy. Just a reminder the same exact companies sat in his cabinet that sit in Bush's and Trump's.

There was never any 'Hope,' there was never any 'Yes we can,' there was only 'Please God stop protesting and don't ever realize that with literally 2% of the country freshly homeless due to the 2008 crisis that Obama's future cabinet members directly explicitly caused knowing it would cause a massive economic crash that there are more than enough people to actively revolt against the US government and oligarchy that have absolutely nothing else left to lose.'

There's a reason Biden, one of the most right-wing politicians in the History of the United States, tapped Obama and encouraged him to run for the presidency despite having practically no political, military, or economic experience outside being a mayor and senator for a couple of years.