Though it was Spain's first defeat since March 2015 there have been questions marks over their trophy credentials for some time, not least the paucity of options up front.
Gone are past heroes David Villa and Fernando Torres, the latter snubbed despite his improved form with Atletico Madrid this season, as Vicente del Bosque has decided to take just two natural strikers to France.
Aritz Aduriz is enjoying an Indian summer with Athletic Bilbao after hitting 20 La Liga goals in 2015/16 but at 35 has just six caps to his name, while Alvaro Morata is third choice in the pecking order at Juventus.
Pique, however, claims similar doubts were cast over Spain's squad in the approach to Euro 2008 – and the rest was history.
"Winning a third Euros would be something unique but we're not favourites," said the Barcelona defender. "The defeat (to Georgia) demonstrated that, but it also shows there are teams like France and Germany who can be better.
"But we weren't favourites in Euro 2008 or World Cup 2010 and we have a very good team.
"I think we're at a high level: the generation coming through now is very good, with a lot of very talented young people, and we hope to do a good job. Out of 100 matches you'll lose one, and that was [against Georgia]. Accept it, see where we made mistakes, and move forward."
A nation nevertheless expects given Spain's incredible run between Euro 2008 and 2012 and Pique, who could personally make it a hat-trick of European successes this year, says there has been a mentality shift towards sport within the country.
"In Spain we have become accustomed to winning in all sports and when we stop there is a ‘what's happening here?'" added the 29-year-old.
"But it's the most normal thing in the world. In sport you win but you also lose, which people don't understand.
"Rafa [Nadal] doesn't win in tennis, we win in basketball, and now we're back to win the Euros…there was a time we won everything and it seemed the norm, and 20 years ago we won absolutely nothing."
Source: Sportsbeat
