Lake Mead has dropped below 27% capacity in recent years, and that's the core issue: even substantial rainfall across the Southwest doesn't refill a reservoir that's losing water faster than it's being replaced. The problem isn't that rain doesn't help - it does - but that you're looking at a decades-long structural deficit. The Colorado River, which feeds Lake Mead, is overallocated. States downstream (California, Arizona, Nevada) have water rights that were negotiated back in 1922 based on river flows that don't actually happen consistently anymore. So the lake gets drawn down constantly to meet those obligations, and occasional rainstorms can't overcome that chronic depletion.
There's also the evaporation piece, which gets less attention but matters hugely. As the water level drops, the surface area shrinks, which actually reduces evaporation somewhat - but the lake still loses tons of water to heat and sun exposure. More importantly, climate change has made the entire region hotter and drier on average, so the Colorado River itself is producing less runoff from snowmelt in the Rocky Mountains. You can get decent monsoons in late summer or winter storms, sure, but they're fighting against a system that's fundamentally out of balance. Until water usage gets cut - which means agriculture, cities, and states accepting smaller allocations - the lake will keep yo-yoing at low levels even after wet years.