I bet a full blown heel Cody Rhodes would be pretty cool.
He could form his own version of a knockoff Horsemen with FTR and Andrade.
He could start having his wife come to the ring with him because she desperately wants to be a bad guy.
And all of the ostentatious parts of his packaging would actually work more as a heel.
I think the only reason Cody doesn't want to turn heel is because of opportunities outside of AEW like that talent show he's hosting. That white trash ass tattoo on his neck ruined any outside opportunities though.