You can definitely have a boat and still be way behind.
One time I had J7s in the BB and called a min-raise from MP when the button and SB came along. The flop came A77, checked all around. The turn was a J so I bet and everyone else called except the SB, which told me that at least one of those two villains likely had an A. River was another A but I decided to bet again...MP shoves and the button calls.
So we had a board of A77JA, I have sevens full of Jacks but anyone with an Ace has Aces full of sevens so I'm easily beat here, so based on the action I folded.
Turns out MP and the button both had weak Aces and chopped it.
Another scenario is if you have 22 and the board contains AAA, it's a boat but this one is also not even close to being the nuts. Any Ace and any pocket pair from 33 to KK have you beat and so does any pair made with one of the other two cards on the board.
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In rivers and bad government, the lightest things float to the top - Johnny Cash
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