I think this is spot on.
If you think he's competent as a manager, this approach works because I suspect the players think they can talk to him about anything and everything and that only helps the team. So I do think for a certain type of player, they will run through brick walls for him.
But for some people/players I suspect it comes across as being too relaxed (football classically being more important than life or death) and then there's no way he can demonstrate competence and earn respect.
Personally, I think he'd be fantastic in the pub, and second in the league ticks the competence box for me for now