The thing about the Iowa caucuses is that it's not who necessarily comes in 1st, but the dark horse who comes in 2nd or 3rd.
The Buttgigger won the IC even though in 2nd place overall, especially because his support was spread across many counties that Biden should have won.
If he can capitalize that he might be well positioned for when it gets real in SC, especially if he shows well in NH, the stomping grounds of Bernie and Fauxcahontas.