Bob's arrogance has brought him down to the point where he develops a terribly low self-esteem of himself.
Reconstructed: Bob eventually realizes that he shouldn't be too arrogant...and starts becoming a nicer person or at least tone down his arrogance a bit.
Played For Laughs: Bob's company just happens to be one currently reviled by the viewing public. (Enron, BP, Halliburton, etc.)
Played For Drama: Bob is his family's sole source of income; his arrogance not only puts his job at risk, but their financial stability. His attitude also has impacted his children, turning one into a spoiled diva angling for her own breaking and the other into a nervous wreck.