Toto Wolff feels Red Bull's recent loss of form is "really weird" but believes it could still prove to be a "blip".
The Mercedes team principal contended that the Italian Grand Prix was "one of the worst races" the Milton Keynes squad has had in recent memory, with the reigning constructors' champions only the fourth-fastest team.
In Monza, Verstappen turned seventh on the grid to sixth place in the race, whilst Sergio Perez started eighth and finished there.
The Dutchman moved up on account of Wolff's driver, George Russell, incurring damage on the first lap, which ruined his race.
The Briton crossed the line seventh having qualified third, whereas Lewis Hamilton started sixth and finished in fifth position.
Mercedes has seldom had a better package than Red Bull since F1 introduced the contemporary ground effects regulations at the start of 2022.
As for Red Bull's decline, Wolff believes Max Verstappen was able to prevent the slide for some time, but has seemingly been overcome by the scale of the RB20's problems.
"Yeah, that's really weird," the Austrian told media including RacingNews365 when asked if he was surprised by the extent at which Red Bull's championship challenge had collapsed since the summer break.
"I have no insight, obviously, but that is not at all the Red Bull of the start of the year, dominant.
"I think that Max [Verstappen] was able to keep it going for a while with his ability, but it seems now that [they have collapsed], from the sheer results, and that's what I see without understanding, without knowing what's going on inside, because it could be blip, also.
"That was probably one of the worst races that we've seen [from Red Bull] for many years, to have no pace."
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Red Bull are a 'formidable team' but McLaren are the champion 'favourite'
Fundamental to Red Bull's waning championship fight has been the substantial ground McLaren have made up in the development race since the Miami Grand Prix, whilst the RB20 has gotten progressively more unsettled and unbalanced as it has been upgraded.
The lead in the constructors' standings is down to just eight points, having stood at 42 over the summer break. It was 115 points after the round in Florida.
However, Wolff does not believe his rival can be written off, despite judging McLaren to now be the "favourite" for the title.
"But who am I to say that," the 52-year-old continued.
"We've been two years where nothing functioned and the same with Ferrari a few races ago, so I don't think you can write them [Red Bull] off.
"They are a formidable team, and I'm sure there will be better races, but McLean is clearly the favourite now for constructors' championship. They have two drivers scoring.
"I bet Red Bull didn't expect that at the beginning of the year."
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