Cinderhulk is the only Jungle item that has given Tanks a fighting chance, with the only possible exception being the Reworked SotAG that built out of quill coat. And in a way, Cinderhulk is just the love child of that item and sunfire.
Now they did shift Cinderhulks power closer to the mid game, by increasing it's base health and reducing it's scaling. You could revert that change, making Cinderhulk compete for the late game power spot that Devourer provides. And yet, That wouldn't sound like a good idea with game lengths becoming shorter.
I can only see two potential problems with Devourer, (as most of the AS synergizing items got nerfed.) 1) Rageblade is still obnoxious. And is going to be more so with the Devourer passive. and 2) Rift Herald is now a thing, giving devourer Junglers another target to get stacks from.
I'm somewhat okay with the latter point, as it adapts to the shorter average games. Though it does show that Cinderhulk hasn't aged well. Though I would say that a lot of the Jungle tanks got nerfed by way too much. (Namely Sej and Gragas) But that said, it may be too risky to simply buff Cinderhulk itself. Since after the Juggernaut rework, we have been left with Titanic hydra, an item that scales off max health.