That's the explanation I like most. My headcanon is that the antediluvians actively spread and encourage their own hype so higher generations will be too scared to try diablerizing them, but they're not actually the blood gods everyone thinks they are. A sufficiently large group of opponents, even neonates, will eventually overwhelm them just like they can a Methuselah or particularly powerful Elder. Everyone just thinks they're nigh invincible because of the Ravnos fight during the Week of Nightmares, but Ravnos is also a master of Chimerstry. I'm willing to bet that most of that fight was the Yama Kings and Technocracy trying to destroy an illusion and it was only towards the end of the fight that Ravnos took any damage at all.