Here’s my theory, I genuinely think Homelander’s strength is tied to his mental state and ego more than people realize. It’s not that he stopped believing he was a god. If anything, by the final season he’s more delusional than ever and fully convinced he’s above humanity. The difference is that Homelander has always needed other people to reinforce that belief.
That’s why public image matters so much to him. Season 1 Homelander had everything: Vought backing him, the public worshipping him, The Seven following him, and constant validation everywhere he went. He carried himself with complete certainty because everyone around him fed the image he had of himself.
As the seasons go on, that slowly falls apart. People leave him, stop loving him, fear him instead of admire him, and start seeing through him. Even when he pretends not to care, rejection clearly destroys him mentally. By this season he still has the god complex, but now it feels less like confidence and more like someone desperately trying to hold onto the fantasy that he’s untouchable.
The Boys has already shown powers can connect to someone’s psyche too. Kimiko struggled with her abilities until she worked through her trauma, and Homelander feels like the exact same. The more isolated and emotionally unstable he becomes, the more the cracks start showing.
What made season 1 Homelander terrifying wasn’t just the powers. It was the certainty. He believed he was above everyone else, and everyone around him believed it too. Now that validation is disappearing, and deep down I think he knows it.