This is a very good point! Many scriptures indicate that Jesus would return in the flesh. He has to in order to do some of the things it says he would do, like teaching in the broadways of the apostates and eating one last Passover meal, etc. Plus the Bible says the "antichrist's" expression would be saying that Jesus did not come in the flesh. If we presume that is one way to identify the antichrist, which I do, then by deduction that would be a strong confirmation Jesus was to return in the flesh.
At any rate, whether he has arrived or not depends upon which group of "virgins" you are in. Just note that while all the virgins started out together to see the Messiah and get into the wedding feast, and all of then were caught "nodding" when the Messiah arrived, meaning they would not realize until the very last moment when he would arrive or his arrival would surprise them and wake them up, only the wise virgins with the EXTRA Biblical OIL in their lamps saw the Messiah early on. The foolish virgins didn't come to the wedding feast until later and were too late.
So everybody doesn't see the Messiah when he first arrives "in the clouds" which means in itself his coming would be partially "clouded" and thus somewhat mysterious and secretive.
Bottom line though, it revolves around closely paying attention to scripture. If you do, then you'd believe Jesus' words that he would arrive before the end of a generation expired after the signs of the "time of the end" began which began with a world war (i.e. "nation against nation and kingdom against kingdom"). Presuming that was World War I, the Messiah has to arrive before 1994 and that is already passed.
So it boils down to the wise virgin class of anointed ones knowing that Messiah must have already arrived versus the foolish virgins who think the hasn't arrived yet; the foolish virgins, thus paying no attention to his words about the generation limit. In addition, obviously, the foolish virgins don't pay enough attention to scripture to understand where or how the Messiah would arrive and are looking for the wrong thing. Thus it is only when it is too late that they find the Messiah wanting to get into the kingdom and he tells them "I don't know you...get away from me you workers of lawlessness."
The wise virgins know the Messiah arrives before 1994 so they adjust their Biblical understanding of the scriptures according to that.
1994 is over. The Messiah must have already arrived...right? It's been nearly 8 years since then.
LG