Do FFP conspiracists understand there are other sources of income and expenditure than transfers? Of course, it makes up a massive part, but commercially we're well adrift of many teams in the PL, leading to a ~90% wages/turnover ratio (highest in the league, I think) and a desperate need to balance the books in a sustainable way.
Our season ticket is one of the least expensive in the league, and our stadium certainly isn't in the upper echelon of the league as far as current capacity goes. Add in the relatively meagre sponsorship income, total absence from Europe and some of the lowest PL prize money it is possible to get without getting relegated, and that is a far more coherent "Why" we can't spend as much as other clubs are doing.
Yes, rich clubs are gaming the system. With a more savvy leadership group we'd have done the same when we had cash burning a hole, but instead we absolutely bottled it. The moral high ground is most certainly not ours to take.