Jericho is kind of like the Shawn Michaels who has never been given the proper chance to spread his wings and fly all the way. Jericho has done alot and been very impressive, and the HBK/Y2J match from WM19 remains one of my all-time favourites. Both have amazing ring ability, prowess, technique and they can capture audiences, (live and on TV) with their promo skills.
It's hard to compare, because they're both unique for their abilities to be true all-rounders. While Michaels may be more revered than Chris Jericho, hypothetically, in a world without wrestling politics, I'd say that Jericho and Michaels would both take the throne as perhaps the two greatest wrestlers of the 90's.
Realistically, thats not too far off how I see it. My opinion is, as versatile wrestlers, capable of putting on a showcase and giving the fans something different almost every time, Shawn Michaels was the greatest wrestler of the late 80s-to-mid 90's and Jericho, in the late 90's-to-mid 00's in that respect.
I disagree HBK had his time to shine in 1996 and rating dropped, that was around the same time NWO debuted and WCW started to walk through WWE, you can't blame HBK but you can blame the way WWE show cased him, they allowed him to beat some big names (Bulldog, Diesel, Owen, Bret then his ego started to run while, and when it boiled down to it he wouldn't put over Vader who was WWE's monster they'd built him up for 8 months, taking people out left and right, to this point where he'd win the World title and dominate the landscape for a while, and HBK refused to put him over, now I'm not blaming HBK for the decline in rating but realistically speak HBK didn't help when he was 215lbs or there or abouts and he'd making WWE's 1# heel look absolutely pathetic on PPV.
That said Shawn was given the chance and when he took it, he found away to mess it up, I know his personal life was all over the place at this point so maybe it was that what effected him who knows?
Chris Jericho on the other hand has NEVER been given the chance to shine, and whenever he does shine, WWE seem to mess it up with HHH pinning him in random matches why? I can't recall a time Jericho ever pinned HHH or Cena for that matter (Until last year when Jerishow took on Cena and someone else and Jericho scored the pinfall, but once Chris gets momentum going behind him he's always derailed by HHH, the easiest way I can put this, Jericho is the Bulldog of WWE, and HHH is like the HBK,
Bulldog lost all his singles titles and tag title to HBK (part from the Hardcore title)
Jericho has lost all his titles to HHH, World, IC, Tag (apart from hardcore/euro titles as HHH was above them when Jericho won them)
My point is which I agree with you on, there is far to many politics in WWE for the good of the business.