You are correct. Everyone already knows who Joe is. He already has what everyone else is trying to acquire. He's the elder statesman in a field of new faces. I think he just sits back, let the others fight it out, and carefully calculates if the electorate wants an experienced, well seasoned candidate or if the democrats want to go with new blood. The first primaries are over a year away. Joe can afford to bide his time. Personally I'd like to see Joe run for one term to straighten this mess out and grooming Kamala as his running mate as the future of the Democrats. Time will tell if any of this comes to pass but at this point speculation is all we have.

Right now all polling shows is name recognition.

Other campaigns are buying up the talent to run a national campaign. Nobody can win just on name recognition. Of course he may be making those hires behind the scenes without announcing.