I never really saw Austin as that great of a worker compared to some of the other guys around that timeline - Benoit, Eddie, Angle. Lot of punches and stomps. Not that Rock was a particularly great worker either. The years in between the WCW sale and "Cena main events every PPV" were a strange time. You had the established guys - Undertaker, Kane, HHH, HBK. Then you had the former WCW/ECW guys like Jericho, Benoit, Eddie, RVD, Booker, Rey. Then you had the "prospects", guys like Angle, Brock, Edge.
After the McMahon vs Austin feud ended, they didn't really know what to do with him. So they turned him heel and made him head of the Alliance to give him something to do. To feud with other wrestlers, they'd have to look like chumps. Angle wearing his stupid little cowboy hat, Booker T in the supermarket. Austin really only seemed comfortable working with the same handful of guys - Rock, HHH, Taker, Kane.