The Lakers have been a second string team playing against mostly first string teams this season. A lot of the fault lays with the FO that assembled this menagerie, with a coach who wears blinders and won't insist on any defensive effort, the players who show up about once every five games, and some injuries which wouldn't have made this a playoff team any way had they not occurred.
When the Lakers hit bottom in the 70's, they at least had Jabbar to build around, which they did through the Draft and a couple of savvy trades. They also had a FO that wasn't stepping all over their hoses and scratching their posteriors every time they had to make a decision.
The Lakers right now stink, and it's not like the 70's version that tanked.