You know, as much as people whine about graves, there is worse things in the game than him imo, and yeah I understand his strengths, and his weaknesses, (yes he actually has some, albeit theres only one that is really glaring, and its not always going to be there.) as i have a lot of graves games since his rework.
The main strength graves has in the jungle, is the ability to, if kiting camps and making full use of his kit properly, take next to zero damage. His ganks are not excellent to the extent of say Elise or ww at 6, but he has surprising damage to a lot of people, which winds up in netting kills for free, because they don't respect it. It is not hard to just walk away from the fellow unless you get stunned, I have no idea how many times people just eat 3 autos and walk next to a wall, and eat a q, only to die to the 4th auto, after flashing. Like just leave the area when he is seen, and his ganks become like Shyvana - small nuisances, his next best strength, is almost being able to out duel every jungler in a 1v1 scenario, there are a few that just shit on his day, mind you as they have just as much burst as you, without needing the enemy to misposition. His other strengths are present in a lot of junglers, as his dragon control is very good, but again, that can be said with almost every jungler. He also has strong wave clear. Here's the catch though. I don't know how many times, I'll find myself in a scenario, in the middle of a lane, when there's a minion wave, that smart people will just run through the wave and hide behind it, while being nowhere near a wall. Guess what that means? I have to run, or I lose. Why? because i now can't get all my q damage off reliably, and I no longer has the option to auto attack the champion because minions are in my way, so I have no possible way to get damage down.
Now all this in mind, do I think graves is balanced? He is probably not in the best spot, no, but theres one inherent flaw here, and that is that there is only one thing you can actually change on him, without ruining his identity, and that is either his E defensive steroids (already being done) or nerfing base stats, which might be a good direction, or reducing the damage from multi bullet hits, which is imo a bad way to go, but i could be biased on that, as the thing i like best about graves is his feel of, i need to be in your face. **Another change might be nice, is to make a change on his e, now this might be weird, but instead of it reloading auto attacks, and giving resistances, get it to work like Ezreal's E in a way. He dashes, and has a ranged auto, at say 450 range, and is a slug, kind of like his old autos. Keep the regular auto attacks reducing his E cd, but have the ability just not be a dash with tank stats, and instead just make him work more of an actual carry, as I do agree those numbers are asinine. **
Now, I do want to ask, is it graves damage, or his survivability that people hate about him?
EDIT: I did not mean for that to go so long, sorry. TL;DR Maybe get his e to have a small damaging aspect, rather than add defensive stats, (I bolded the idea i had with it) and he gets hard countered by not being near walls and having to try and auto through minions.