Hodgson is now in charge of West Bromwich Albion and guiding them away from the dropzone.
Gerrard told Goals on Sunday: "He's such a good guy and a fantastic coach - it just didn't work out for him at Liverpool. The players didn't perform consistently for him. Us as players maybe have to take responsibility. It's not acceptable for Liverpool to be outside the European positions and you can't just point the finger at the manager - we have to look at ourselves."
On Hodgson's relationship with the Reds fans, Gerrard added: "think it's more that they idolise Kenny Dalglish and when a decision was made that Rafa was going to leave, there was a lot of speculation.
"Rijkaard and Deschamps were linked but the two front runners were Dalglish or Hodgson - and the fans absolutely love Kenny. Every time there were a couple of bad results or maybe the tactics were slightly wrong or we went a goal behind, the fans were getting on the manager's back."