Aaaaaaand the only thing that Shen has over Kyo is higher damage off his command grab. Kyo wins in every other aspect by a mile. Like I said, -one- good tool does not make a high tier character. Kyo has an invulnerable shoryu, a fireball for safe lockdown, way stronger jump-ins, a better overhead, way better options from a low, just as much damage during HD mode and builds meter way faster. He also has a command grab if he needs it, he just doesn't get as much from it.
The biggest thing of all is that he has all of these options (save for the grab) when he's got no meter. Put Shen into a match with no meter and his damage is suddenly negligible, his defensive options are 0 and he doesn't build meter particularly quickly. Yes, I know he's an anchor, but what if he has to take out more than one character?
And not every character got hit the same amount in terms of the nerfs to hitstun from jump-ins. Shen has probably some of the very worst hitstun from his jump-ins. It makes hyperhops very risky compared to many other characters. Only j.CD has solid blockstun now.
Though I admit I have forgotten one of Shen's best tools. When he has 2 stock, nobody ever dares to jump in on him or do anything that telegraphs even a little bit, because his EXDM is 2 frames and causes wallbounce. This is a devastating tool, but again, requires lots of meter.
Shen is solid with meter, yes, but he's not always going to have meter. The top 10 characters will end up being ones that are strong with meter, but are also strong without it.
I would have to say that I mostly agree with Ky0's tier list, aside from the shockingly low placement of Goro and Chin. I also would think that Mature is around low-mid... not quite the worst pick in the game. Though I can understand rating her low. Chin and Goro, though?