In fact, Brazil is still not seen as one of the favorite teams, not least because it is only 9th in the FIFA ranking.
In my opinion, it's a good opportunity to bet on Brazil, not on title yet like you said, but during the competition I think there will be good odds to bet. We know Brazil is playing in a high level.
One day the Brazilian title will arrive, it could be this year... Marta merci, but for now I'm not going to bet on it yet.
And even with Brazil not being the favorite, I think the team can play with any team in World Cup in the same level, I hope they reach at least semi-finals. It will be a great good-bye to Marta. This time I think it's her last World Cup
Don't forget guys, that Brazil is the current Copa America champion, and got a draw with England in the Big Final (England is the UEFA champion) two months ago, only lost in penalties.
Brazil also defeated Germany in a friendly match in 11/04/23
It's a perfect situation for us to bet on Brazil not being the favorite, the odds will probably be good against teams like France, USA, Australia etc
Another good thing about not being the favorites for the title is less pressure in relation to other teams like the United States, Australia, England, etc. It is much better to play without all that pressure to be the champion. This has many times hurt men's soccer in Brazil