The administration in power always loses the midterms. The fact that they didn’t lose as badly as people thought was considered a Democratic victory. He was going to lose the election for other reasons, namely being super old and having it be obvious, and being all-in on supporting a genocidal apartheid state doesn’t help, but I’m sure it’s more the old thing, since Kamala doesn’t seem to be facing that same backlash to the same degree.
He still lost it, and without all 3 of presidency, house of reps, and senate, Dems can’t do much. They need all 3 to pass anything. Old? Sure, and I think he should have never tried for a second term. But he still passed decent legislation and the left wasn’t going to show up, despite his successes. You even saw Jill Biden say that one debate performance doesn’t undo his successes in office, but the voting left didn’t seem to care. So what did Kamala learn? You don’t get elected on left platforms, and you don’t get thanks for left legislation. She won’t say a single word because it will cost her the election.