When Tunney had the role, it was never at the "expense" of anyone - his decisions always "made sense" even if they went against faces, for example the long time it "took" to reinstate Macho Man or vacating the title from Hogan after Flair interfered. We all know now that it was just to stall so Randy could get back in shape and so they could get the belt on Flair... but then we HATED Tunney for those decisions, which was his job - to be as benign as possible to the fans, to make those "tough calls" and hold onto the kayfabe illusion that Vince was not in power. Tunney gave the air of legit authority, that made the WWF a bit more "important" than the NWA with it's board making crazy decisions, holding up titles left and right and later WCW and it's Dustiness.
It went wrong with Monsoon and Piper had it as well after... that was when they started getting more involved with the actual "heel upsetting" characters for example Monsoon and Vader and Piper having his brawl with Goldust. From there it just degenerated. Once Mr. McMahon's genie was unleashed it made it almost impossible for a face to have the role, but heels always suck with it.
The only real person who made a commish or GM role work in that way was Regal, he just seeemed to click with it - as he could beat 90% of the roster in the ring or taught a lot of them - since 97 we've known it's Vince and whoever they put in the "role" it's still Vince at the end of the day.
Today, I would rather see it become more like the Tunney days - with a named President, who is actually the decision maker or the veto when it comes to booking etc. It'll inevitably be Trips once Vince retires or dies but I actually would like to see either Shane return in that role or Mark Callaway. Shane is one of those guys who most people would "buy" as the figurehead president, he's not Trips so doesn't have that "baggage" of feuds or the eye rolling that many do when they see that COO plaque onscreen . Shane was a hell of a worker - even new fans can see Shane's old matches and know that he earned a lot of respect as a true equal of those he would be in charge of, he worked the whole business from ref to scaffold matches - as opposed to his father, who used his power for "his own ends" most of the time. I am sure now he has "made a success" in China, an area Vince will want to get into without doubt and through his talent agency connections, Shane will be back and in a financial position to even buy a large part of the company as his father did, despite the white haired photo that recently came out, I am sure Shane O Mac will return in some capacity sooner rather than later.
But my preference would be that once he hands up the black hat and coat, Mark Callaway becomes the President of WWE/figurehead as himself, he would have the "respect" of the fans and the locker room... Wrestlers wouldn't want to risk him picking up the Taker gimmick one more time to sort them out. While I am sure he would work closely with Trips and Steph, he is the one name I can't imagine any business associate or shareholder having any problem with being the figurhead guy. He's not Trips - so he hasn't "politicked or married into it" and he's not a McMahon so it at least guarantees some semblance of "best for business" rather than the "audience of one". By the time he does retire - which could be as soon as a few weeks time, he will be the most successful sports entertainer WWE has produced. That is someone you want running a Sports Entertainment company.