It is really an issue that it is more visible now that it is a shield instead of just increasing health. It is VERY easy to overestimate things based on how noticable they are. Even though the item is weaker than before it feels much better seeing the shield (it was very OP before). This is similar to the fact that many people underrate tanks because their impact isn't as obvious, or swear a champion is OP because they get kills.
Gargoyle is still good, it's just that it was OP and hidden before, now it isn't so hidden. But ya I don't think I would recommend it on carries, -40% damage can be rough to deal with.