Nah. I wanted to say when Vince bought WCW, but then I remember how hot the crowd was for Hogan when he faced The Rock at Wrestlemania. I want to say the true hype died down during that strange Mr. America stint he did with Roddy Piper, Zack Gowen, and Sean O'haire. It was just too weird for people to get into, and the whole thing was eventually scrapped. He would get the crowd going here and there after that, but for me it wasn't the same since he donned a mask and pretended not to be himself.
Once WWE owned everything and there was no competition, Hogan could no longer write his own ticket. Sure, Hogan had some nice late career moments in his WWE return, but he no longer had the stroke to call his own shots, re write angles or TV segments, or change match finishes like he did pretty much from about 85-86 on.
Look at Hogan post the WWE buyout of WCW, as big as he was WWE wouldnt buy out or match his existing WCW deal, he either had to take significant pay cut with a modest buyout to work now, or wait till his WCW deal expired and see if WWE was intetested. That wasnt necessarily unfair, WWE made the same offers to Flair, Sting, & Goldberg and eventually Nash as well. The WWE deal certainly wasnt cheap but like all other talent WWE was setting the bar in compensation and limiting creative control & input. In the "old days" pre the buyout Hogan had such clout he not only dictated his own terms, work dates, etc, but he had almost iron clad say in storylines and matches.
Hogan coming back after the buyout included a token World Title Run and a tag title run (he had never held a tag title, similar to the big push a few years later WWE gave Flair during his IC Title run, the only major title he had never held in his career). He won more matches than he lost, had prominent placements on major PPV events, and got to wrestle a fairly substantial A list of performers. He didnt ALWAYS main event, he didnt always win, and he had to job cleanly to The Rock, Kurt Angle, & Brock Lesnar. Simply put, like HBK & Flair during this period or Taker today, he was respected, treated well, given some big wins and nice moments, but he didnt get to win all the time, he didnt always get the best storyline, and when asked he was expected to lose. It wasnt embarassing, but it was the 1st time since HulkaMania reached its zenith that Hogan was one of the guys, and not completely above the guys and the industry as he previously was.