It reads of "Looking at stats with no context".
Even last week, Caleb threw 48 times for 361 yards and 2 TDs/2 picks. The picks? A 4th down arm punt where Burden ran the wrong route, and a floater with a hand in his face near the goal line on 4th down where if he doesn't throw it it's a turnover anyway. The 50% completion rate seems bad on its own, except that the weather was windy, Love also threw for a near 50% completion rate, and the vast majority of passes Caleb was throwing was downfield.
His "on target rate" is worst in the NFL. He also throws the ball away more than anyone in the NFL to avoid sacks and negative plays. Sometimes he gives up on plays a little early, but most of it is just throwing it to locations nobody else can catch it, which is either "throw away" or "throw it to a low percentage catch chance with a 0% INT chance".
It's also a complex offense with a lot of movement that has to work together, and sometimes the timing is just off still. I'm not sure if that plays into why it takes the offense until the 4th quarter to really click in many games, but if the receiver is not on the right route, or the blocking isn't setting the pocket correctly, or Caleb has to scramble and improvise, things can still look a little messy. But you can see the offense being very effective in spurts, and it feels like it's right there for really clicking.
Some day soon, all facets of the offense will click and they'll run someone off the field. I'm not sure if it'll happen yet this year, but it's right there.