He sucked by the time he got to WWF... and Vince's attempt to immediately replace Hogan with Luger as Hogan Version 2.0 made it even worse.
The Narcissist was a good gimmick that was getting heat, and would have eventually gotten him the top heel spot.
The WWF completely ruined any chance he had of getting over when they turned him face with no real explanation. It made no sense and after the initial buzz of him slamming Yoko died he was done because the fans saw through it.