Nerfing Cinderhulk isn't the answer.
Spirit of the Ancient Golem had the exact same %health bonus passive that Cinderhulk has, and it was even the same amount. Nobody was complaining about Ancient Golem then, so what's the problem with Cinderhulk now?
It's simple, it has no meaningful competition in the jungle.
Elder Lizard and Spectral Wraith provided things that Ancient Golem lacked, and Warrior and Magus are painfully bland by comparison. There's really no meaningful bonus those 2 items provide that you can't get through something else, so why bother taking them over Cinderhulk? Devourer is largely unchanged compared to Feral Flare, but the changes in respawn timers have made it considerably harder to stack.
The actual answer is that Warrior and Magus need to be made something more than just ho-hum ball of stat enchants, and Devourer needs a buff. Not back to 4.20 levels, god no, but it's in a really terrible spot right now.
will rise in popularity for non-tank junglers and top laners.
and upgrade it to
in the jungle,
in top lane,
in mid, and
as ADC ?
!
.