I think I have expressed some misgivings about the Shocker in the past, but I think it's useful to look at the character and see if there is anything that can be improved upon.
Here's my problem with Shocker, he is a really generic villain with a dull motive (greed is a pretty dull motive) and there really is no reason to find him compelling. People keep on saying that he is unique because he is motivated by greed rather revenge, but is that really that unique among Spidey villains? Many of them: Electro, Sandman, Rhino, etc care for more about profit then revenge, is that doesn't make Shocker stand out. Besides that, the character is given no real depth, heck the writers can't decide whether he is a serious villain or not. Shocker's supposedly rationality, doesn't seem to translate into any real morals (Shocker was willing to kill 12 innocent people for a paycheck), so it does not seem that compelling or interesting.
To me the easiest way to make a villain more compelling is to make a villain more evil or sympathetic and with Shocker I would go sympathetic, because at this point I do not think there is sympathetic about Shocker's endless quest for ''one last score'' and I see no reason to care about it, because the writers have not done the work to make me care whether Shocker fails or succeeds. Giving him a more defined moral code would help the character. You can also give him a more defined back story and explain why he is a criminal, where did he get his skills and why can't he use them to earn a legitimate living. If the writers cannot do that, maybe he should just be a comic relief villain or a villain Spidey defats before the real villain of the story appears, to make him more then that, requires the writers and fans demanding more from the character.