Major media outlets are running "why Hillary lost" pieces every day, sometimes several per day. She didn't run in caucuses. She didn't take Obama seriously. She didn't have a single message. Sniper fire in Bosnia. Bill losing his marbles. Racial divisions. Blah blah blah. The media has been consumed by the horse race by months, so that's where the media looks.
The real answer is Iraq. If Hillary Clinton had voted against the war, she would be the nominee. She did not vote for it because she believed in it. It was part of her campaign to suck up to the militarists. If she had been the "I told you so" candidate, Obama's campaign wouldn't have had so much oxygen. John Edwards also voted for the way, but he had the decency to admit error. Clinton tried to defend her vote until it was too late.
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