They did amongst other things, I only mentioned that, the French, of all people, didn't seem to realize, that the opposing side had very similar feelings.
As for the reparations, you can go back as far as the Napoleonic wars, the treaty of Tilsit (1807), where France forced Prussia into paying very high reparations and the loss of almost half of their territories. The treaty of Frankfurt (1871), which ended the Franco-Prussian war, France didn't only lose Alsace-Lorraine, but the reparations it had to pay, mirrored those asked of Prussia in the treaty of Tilsit. The treaty of Versailles was a swing in the other direction. Yes, reparations and the loss of Alsace-Lorraine, Schleswig and the German colonies were unavoidable, but the treaty went much further than that. It was not like that Entente and allies actually managed to defeat the German army on German soil, that would have seriously undermined the whole 'we were stabbed in the back'-myth, and would have made the harsher bits of Versailles, easier to swallow. Now, in hindsight, though at the time, there already were doubts, we can conclude Versailles was an unbalanced treaty.
I remember reading, that the German negotiators became concerned, after travelling through northern France. They probably realized France would want a large amount reparations, and they would have the ungrateful job to sell it back home. Whereas they actually were relatively hopeful, when they had left Germany.