Why Is AP Shen Bad?
You basically invest a boatload of gold for almost no return.
A lot of champions have 100% damage-block potential with things like Wind Wall, Counterstrike, Spell Shield, Divine Intervention, Undying Rage, Blade Waltz, Playful/Trickster, Sanguine Pool, Rapel, Stealth.
With AP Shen - you essentially waste your entire income turning She's entire kit into 1 such ability those champions get for free so they can build glass-cannon and obliterate things in the ~3 seconds of fame those skills offer.
In Shen's case, those defenses aren't reflexive, instant-cast things on a 10~20 second CD either, AP Shen is mostly tied to a 200/180/160 second CD for that mega-shield burst.
And in Shen's case, you aren't killing anything in 3 seconds. Typical QWER is 1000 damage @18 and gets to 2000 damage (enough to OHKO a squish) with 450 AP, at around a 225% AP scaling.
Shen's QWER is 410 + 110%.
Anyways - the key thing about optimal builds is what optimization is.
Doing cool stuff at double the price doesn't mean you're not doing cool stuff, that you can't do said cool stuff, or that doing said cool stuff is proof you're using an optimal build.
Optimal and sub-optimal (bad) builds simply offer less power for their cost than an optimal build, and in the case of AP Shen - you're wasting a noticeable percentage of your gold compared to what other builds could offer.