Hawkeye is retelling the story of the Winter Soldier through the Avenger's past as Ronin - and in the process, it's able to make it far better.
The MCU is retelling the Winter Soldier's story in Hawkeye, and it's arguably a better version of events. Both Clint Barton and Bucky Barnes share dark pasts as Ronin and the Winter Soldier. While Hawkeye and The Falcon And The Winter Soldier deal with how the two characters overcome their pasts, the former seems set to do a far more effective job of telling that story.
After enduring brainwashing at the hands of Hydra, Bucky returns as the Winter Soldier, with the rest of his arc in the MCU films dealing with Steve trying to help him overcome his programming. The Falcon And The Winter Soldier briefly follows Bucky trying to make amends for his actions as the Winter Soldier. In Hawkeye, Clint is faced with the consequences of his actions as Ronin during Avengers: Endgame. This is primarily by being faced with Echo, whose father is killed by Ronin.
While both Clint and Bucky follow a similar story, Hawkeye is so far doing a much better job telling it. This is because the series is solely focused on Clint and how his past as Ronin is coming back to haunt him. The Falcon And The Winter Soldier does not have that same luxury, and Bucky's arc suffers as a result.
While Hawkeye spends plenty of time on Kate Bishop's story, Clint naturally remains the focal point of the narrative. This allows the show to flesh out the impact of Ronin's actions in a way Avengers: Endgame could not, as Hawkeye's current primary antagonist is a direct result of those actions. Clint telling Kate that he doesn't see himself as a role model also shows how much guilt and shame he feels over his past as Ronin. All these factors combine to heighten the emotional stakes in Clint's arc, allowing the latter half of the series to bring it to a satisfying conclusion.
By contrast, Bucky's arc doesn't get nearly as much screentime in The Falcon and The Winter Soldier. The first episode explores his PTSD as well as his making amends, notably looking out for Nori Yakajima, the father of a young man he kills as the Winter Soldier. While this is all done effectively, the rest of the season has too many stories to juggle within its six-episode run to develop it any further. And given the main narrative focused on Sam coming to accept the mantle of Captain America, there is simply no time for Bucky's story to get the screentime it needs to reach its proper end.
While it's certainly possible for Bucky to get his own film or Disney+ series somewhere down the line, the fact that his current arc still hasn't reached an appropriate conclusion during his long tenure in the MCU shows the character isn't being used as effectively as he should. Hawkeye, by contrast, is taking advantage of Hawkeye's Endgame survival to build off the story the film sets up for his character. In the process, his Winter Soldier arc ends up being more effective.
