This is roughly how I view Nunu. Even playing him as jungler, I don't really aim to be "the tank" nor do I worry excessively about ganking. He's amazing at messing with the enemy jungler, provides decent utility, and decent tanking. If your support is one of the more aggressive options then having Nunu as jungler gives the team a second source of utility during fights.
For example, maybe he can't secure a gank when he ambles into top lane but if he can help drive off the enemy laner and then Blood Boil the friendly laner, they can make a significant dent in the turret before Nunu moves on.
During teamfights, you don't need a perfect ulti to contribute. Keep your marksman boiled, tank a little damage, keep somebody from getting away, and then capitalize afterward by getting the dragon and the enemy's jungle buff.
TLDR: Nunu isn't designed to be a solo act but he's excellent, as jungle or support, at helping a team secure objectives.