Is the question regarding recent times or in a more historical sense?
Lets add some context...
Sans roughly a decade following the turn of the century Penn State has always been at the top of this list. Typically with the likes of Alabama, Miami, USC and Notre Dame. This isn't a new position for Penn State, its a typical one. Penn State is #7 at having the most draft picks ever at 375. So let's fairly expand your question to a more broad time, you'd actually have to ask has Penn State underachieved since the mid-70's? Mainly on JoePa's watch. Dorney, Benson, Farrell, Munchak, Pankey, Joe was pumping out NFL players for years at as high of a level as most any other school. Because Penn State has almost always been in the top 10 at producing NFL players since the mid to late 70's yet they have only come away with 3 championships (82,86,94) during that roughly 50 year span. Meanwhile LSU, not nearly thought of on the level of say Bama or Notre Dame historically, has won 3 titles with 3 different coaches in the past 20 years. Is LSU overachieving? I think it goes without saying that Ohio State is the greatest underachiever in college football, they always have best in class talent or thereabouts, yet nowhere near the number of titles of other institutions. Paterno notched 3 big ten championships (94,05,08) in about 18 years, Franklin has one in 8 years. Times have changed and most fairly you'd have to look at Franklin's years not dealing with covid-season, sanctions, scholie reductions and stigma as having say 4 or 5 viable years to win a championship, not 8. If you look at happened to Penn State between say 2000-2005 you had a talentless team, with a bunch of hybrid FB,TE,DE types, WR's that couldn't catch a cold and quarterbacks who couldn't even get a tryout with an NFL team in a CFB landscape that was moving to pass happy spread option football. It didn't work out very good for PSU at that time.