I agree in a theoretical sense. I think cinderhulk is in a pretty underwhelming position. It's still very useful but it's mostly taken.. by default.
The burn on the item is basically non existent. And it has no supplemental stats other than the very weak burn. It's just health in some form. It does nothing special to move tanks forward; it's just a stat stick.
It wasn't this way when introduced tho. But apparently the burn was too OP. And it kinda was. Nerfed.
Cinderhulk is still used by some strong high dmg junglers purely for hp but it's doing nothing for the less oppressive jungle tanks.
To be honest though I can see the rationale they did by moving it's power earlier (more flat hp, less scaling). Without the "other stuff" (not hp) going for cinderhulk there were some experiences I've had playing tank jungles this season where'd I'd sit on a trackers knife and complete spirit visage or something (I was playing pre-nerf Mundo for example). This is partially just a symptom of the buy it and forget it nature of overtuned MR items though... Armor resistance builds are less spiky in defense (they hardcounter most AD champs nowhere as well)...
IMO cinderhulk needs something other than health to feel like a completed item. It used to be a stronger burn. But we gutted that. Maybe some CDR (ends up still being better for fighters..?). Or I dunno. Something creative.
I'd dare buff the burn back up somewhat.
Maybe instead of continuously nerfing echos and devourer they could take a look at warrior and hulk for a moment.