He "should...he really should." He posesses the skills and has the background to make for a movie story. Unfortunately it's marred by the latter part of his career so at the moment no.
He should have won against Rampage easily making him the #3LHW. It's a tank full of sharks. I think a Shogun who fights all out with fury in the first round can end Bones. It will not last five rounds. We've already seen Rampage, Machida, and Shogun get hurt pretty badly. Hendo is the only one with the chin and power + wrestling, but lacks the conditioning (age factor) to fight strong for the last two championship rounds. Otherwise it's Machida who has to fight a perfect fight.
When that time comes for Shogun to reclaim his crown I will put down $50. Shogun never loses a rematch and I'm sure the odds will be huge against em.