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Owen was a credible top tier face after Montreal. He seemed to be feuding with quite a few heels on the roster at one point (Michaels, Hunter, Jarrett) plus he had history with Austin. I remember him having a good reaction from the crowd at Rumble 98. He was involved in the major goings on up until Wrestlemania 14. He really lost momentum after he couldn't beat Hunter, joined the Nation and then went on to feuding with Shamrock. Can't remember what he did after that until he teamed up with Jarrett.
I don't think he was ever going to be world champion but I'm sure he would have been a credible challenger, if never likely to go over and win the title.
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