Frozen Heart has never been gold efficient or worth the purchase for anything but its passive. 80-100 armor (depending on version) some mana and a little bit of CDR that no tank or support ever needs because its on ALL of their items anyway doesn't do jack shit.
Having its old -25% AS aura decreased auto attackers DPS by, well, 25%. That's fucking massive. So, they utterly gutted it and nerfed the only useful, valuable part of the item into the gutter, and no one has touched the item since. Supposedly, the item is worth slightly more than the 2,700 it costs, but you're paying roughly 1,100 gold for 20% CDR and some mana, and are only getting roughly 2,000g of combat stats, before pen, before true damage, before magical damage, on a 2,700 gold item with a somewhat less than stellar build path.
Against a BC user, its only 1,520g worth of stats. ~56% gold efficient
To a LW user, its only 1,200g worth of stats. ~44.44% gold efficient
If you have BC stacks, to that LW user, its now only 912g worth of stats. ~33.78% gold efficient
Against a magic damage champion, its 0g worth of combat stats.
And people wonder why its never purchased on anyone, in any situation, even against 5 AD champions.