If The Boys Had The Guts To Actually Have Homelander Parallel Trump, The Show Would Have Been Much Better
A common criticism of the show in the later seasons is that it went off the rails by trying to make itself reflect Trump and the MAGA movement.
Now, say what you want about politics in entertainment, but it's my opinion that if they had the guts to make it reflect MAGA accurately and make Homelander reflect Trump accurately, we would have gotten a far more interesting plot.
The thing about Homelander is he's not good enough a villain to carry five seasons by himself - but Vought is.
Homelander is not Superman. He has not demonstrated any real power or threat level onscreen that makes it seem like it would be impossible for a bunch of organized supes or even some well-equipped military to take him on if it comes to that.
The Vought takeover by Homelander should not have happened. Instead Vought itself deciding to steer Homelander into the take over the world path under the belief they can control him.
With Trump, everyone who pays attention to politics know that he's more the symptom than the cause. He's in power not because of any ability of his own at this point - in 2016 he had some charisma to pull people, but now the man is literally senile - but because he's being propped up by powerful people who wants to use him as a figurehead to profit.
Imagine Homelander using Compound V or Temp V or maybe an altered V1 compound to make himself stronger, but it ends up damaging his brain and body.
So we have a Homelander who is clearly deteriorating in mind and body, Vought handlers desperately trying to cover up - helped by fans who cheerfully deny the evidence of their own eyes and keep claiming he's the most powerful supe in the world even when he can barely walk on his own.
Homelander ranting nonsensically or going off on tangents that make no sense because his brain is turning to pudding while the mainstream media keeps sanewashing him partly because of Vought influence, partly because they also stand to profit by the ratings.
Instead of the billionaires going against Homelanders' plans, them openly professing great admiration while working with Vought to make their profits from the scheme.
This could also lead to the ideological split between the Boys - Butcher, in his revenge obsession, being so focused on Homelander that he can't accept Homelander is no longer the real danger, can't accept his chance for revenge was taken instead by his enemy's own idiocy and nature itself.
The rest of the Boys wanting to focus more on taking down Vought, which is being run by regular humans who create supes, while Butcher grows increasingly obsessed with eliminating supes in general and Homelander in particular even after it is clear they're the symptom and simply removing supes won't solve the actual danger.
Homelander stops being the main villain long before the end - he's being humored and handled, and he is still dangerous in a way someone with his powers, an army of obsessed fans and a deteriorating mind can be, but he's not the main villain.
It can also explain the Boys surviving this long - Vought can take them out if they can focus on them or send out competent supes or agents to handle them, but Homelander is obsessed with getting them himself. Vought hampered by having to keep their figurehead god-emperor pacified enough while stopping him from making an attempt himself that would reveal how badly off he actually is.
Vought and Homelander, along with Homelander fans who, unlike Vought handlers, really believe he's perfectly fine and playing 5D chess, getting in each others' way enough that Vought isn't able to spend as much effort as they would like on the Boys - possibly dismissing them as lower priority.
Homelander's actual death either of natural causes from the V effects or when Butcher finally gets to him he is too pathetic and addled that Butcher can't even get any satisfaction from killing him - or maybe Butcher treating it as a great triumph while the rest of the team think of it as more like putting down a rabid dog and knowing the ones who set it loose in the first place is still out there.