I don't think Shawn should be blamed for the lower ratings during the years he was on top. WCW deserves the credit for this. They came up with one of the greatest angles in the history of the business. The New World Order. But even more then that, WCW did something that the WWF didn't have the balls to do. They turned Hogan Heel.
To be honest, Stone Cold gets a lot of undeserved credit for WWF coming back and taking WCW down. A lot of that was WCW as well. While WCW was reproducing the same old shit from 2 years prior, the WWF was using more innovative and edgy programming.
Shawn should be commended for his time at the top of WWF. He definitely held his own. The ratings might have been with WCW at the time, but the real show was being put on by Shawn.
The ratings swing to WCW wasn't because of something Shawn was doing or NOT doing. The front office can be blamed for that.
The problem wasn't WWF pushing Shawn, the problem was all WWF had to push was Shawn. Bret Hart had popularity but he proved he couldn't carry the whole company either. His gimmick and persona became stale quicker then most top guys in the history of the business.
It was obvious that WWF had some other guys that could have been dubbed the top guy, and absorbed a lot of the back lash from WCW overtaking the top spot in Sports Entertainment. Bret Hart, The Undertaker, Diesel etc...
But Shawn gave them (WWF) their best chance to compete. I tend to think if it wasn't Shawn carrying the ball in those days, things would have been worse.
As that HBK/WCW/Ratings conversation gets brought up, people forget that he played a bigger role in bringing the company back to being the standard bearer for Sports Entertainment with Degeneration X, then his role of being the reason WCW "got ahead" for a while.