Really?
Others have answered it above. He ran his contract down to the point he forced our hand and we had to sell for peanuts. Then he snubbed us when we tried to take him back. It comes as no surprise that people are unhappy with this announcement. He sure doesn't deserve the respectful status he's been given.
I think you're forgetting that we finished woefully adrift of Arsenal Chelsea and United in 2004. Granted, we finished top 4, but we finished on a very low points tally. Luckily for us, Newcastle were our closest chasers in 5th on something like 55 points. Bear in mind that back then, we could get away with being abysmally shit and still keep our top 4 status. The league was a lot less competitive then than it is now.
We had slipped a long way during the latter stages of Houlliers reign. Owen probably thought he had little chance of ever winning a league title with us. And given he was a recent Ballon d'Or winner at that time, I can understand his reluctance to sign a new deal in 2004. After all, it did take Rafa 4 years to get us challenging for the league
You're also wrong about him snubbing us for Newcastle. It was Rafa who snubbed him. I can understand people being annoyed with him for signing for United and feeling like it was a slap in the face. But to say he "fucked us over" just isn't true. That's an OTT inaccurate account of what happened. Sorry, but it just is