Bayern hasn’t really missed out on anything
Federico Chiesa was eschewed by Juventus and was thus available for cheap. Bayern Munich was sniffing around for a while but ultimately decided on signing Michael Olise from Crystal Palace. The rationale behind that decision was that Olise’s profile was more enticing that Chiesa’s:
“I [Fabrizio Romano] can confirm, as Bild have claimed, that Federico Chiesa was an option for Bayern earlier in the summer, before he ended up joining Liverpool. Bayern were offered this possibility in June but their top target was always a different kind of player like Michael Olise. Different player, different skills. They appreciated Chiesa but they were not looking for that kind of player.”
In the end, Liverpool nabbed Chiesa for themselves. All things considered, Chiesa on his day is better than current Serge Gnabry and Kingsley Coman and probably would’ve saved Bayern a lot in terms of salary.