Ahead of today's clash with Newcastle, West Ham sit 19th on the Premier League table.
Cottee told The sun: “The players I feel sorry for most are Jarrod Bowen and Lucas Paqueta.
“I read the Paqueta story about him reportedly wanting out in January. I honestly don’t blame him.
“My heart bleeds for Bowen, a real legend at West Ham for what he has achieved.
“They have been let down by terrible recruitment.”
The former Hammers striker also said: “I appreciate we are less than a quarter of the way through the season but, so far, the first nine games have all the hallmarks of 2011 when Avram Grant took the club down.
“We had only picked up one win in our opening nine games in that campaign, conceded 17 goals and ended up bottom of the league eight months later.
“Worryingly, the team has an even worse record than that so far this season.”