I can say that Jesse's final return to the AWA before he jumped to the WWF saw him getting cheered a lot. Had he stuck around, it could have become an AWA Hogan-like situation: A heel so popular with the fans they would have had to turn him. And that would have been a shame.
I watch some of the AWA TV from that time frame and I think of Steve Austin a lot when I see the reaction for Ventura.
Also: Jesse should be given credit for being such a good talker that even in bad match/feud after bad match/feud, he still drew and stayed near the top of the program forever. His stuff after the East-West Connection (which was mostly Adonis anyways as far as I'm concerned, at least in-ring) was awful...Raschke, the Crusher, with Regal vs. the Fabs. Awful. yet he continued to draw.
He really had something there, and it was a smart move for Vince to grab him when he did, even in his pre-announcer period.
In Jesse, you have to examine your belief about how much being a great talker merits consideration. If it is a high-end component in your mindset on a HOF, he gets considered. If it's even with the work he did in the ring, then you don't.
My opinion, of course.