Hmm, cool question!

I agree with No-more-rings that having a better supporting cast does raise him in the rankings (especially among casual fans, given their love of ringzzz), but he should still fall short of the GOAT tier.
In the peaks project, I was vocally lower on Hakeem relative to most people here. At his defensive best, he's certainly all-time level and has an argument for the best defender post-Russell. His resilient scoring is also quite enticing, as is that hot-streak at high efficiency he had in the mid/late 80s postseason runs. But his lack of passing (and overall portability) is very concerning to me. I'm also lower on the idea that his defense and offense peaked at the same time.
Warning: Hakeem naysayer rant incoming
His statistical profile is low for a GOAT-tier candidate. Let's take the Top 12 peaks from the latest project (Jordan/LeBron, Shaq/Kareem/Wilt/Duncan/Hakeem/Russell/KG, Magic/Curry/Bird)...
-WOWY: he's 3rd to last in average prime WOWYR at 5.5 (barely above Wilt/Bird, with a massive gap below Jordan's 8.2, LeBron's 7.7, Magic's 9, Curry's ~10.2, Russell's 6.7, etc.). And WOWYR is a stat that tends to be high on defensive anchors. His un-regularized WOWY data is also not GOAT-tier... he looks phenomenal in the late 80s (though still below players like Walton/Bird/Shaq), but his 90s data looks far more pedestrian for a GOAT player (and again this stat should capture defensive value).
-PIPM: His PIPM estimate is also non-GOAT tier. His RS / RS-PS peak is a clear drop below Jordan, LeBron, Curry, Kareem, and KG (tied with Shaq). His 3-year postseason-only PIPM estimate also puts him below Duncan, Bird, and Magic. And this is without including Wilt/Russell.
-RAPM: We have actual RAPM data from 59 games pre-97 (in 85, 88, 91, and 96), thanks to the great work of Squared2020

. Small sample, non-peak years, but still... Hakeem appears in the top 30 in the league only
once, and never gets in the top 15. Despite the small sample, it's still large enough for players like Jordan, Magic, Kareem, Bird, Moses, Robinson, and Barkley to all clearly have Top-10 level seasons. Once we have full-season RAPM data in 1997, Hakeem's not even in the Top 50 in the league. Again, it's a small sample and in non-peak years, but Hakeem is last by a large margin in the RAPM data we have for the Top-12 peaks (which is only missing Russell/Bird)
-BPM: He's again in the bottom tier in regular season BPM. If we take his peak postseason, he rises a bit... but is still clearly below Jordan/LeBron/Bird/Magic/Duncan/Kareem.
In short: statistically, he's probably last in the regular season among the Top 12 peaks we chose in the recent project. The non-box data we have (which should capture his defensive value) aren't significantly higher on him. And he doesn't rise enough in the postseason in the metrics we have to look GOAT-tier. And this is all without including other possible top-10/20 peak players like West/Oscar/Kobe/Walton/etc, who might also eclipse him in some stats (e.g. West/Oscar/Walton look clearly better in WOWY data).
Like you mentioned, his team performance is also lower (likely partially because of worse teammates). Bt if you were to try to convince me that he had a GOAT-level peak in 93-95, I'd also probably want better team dominance. We have to be careful not to equate the team's performance to value of their best player, but peak Hakeem's teams (93-95) are last in postseason co-Net Rating (the new Backpicks metric) among this tier of players, near the bottom in postseason relative Net Rating, and at the very bottom in overall SRS (regular season + postseason). And this is if we only look at years where he had a better cast.
I don't want to be too harsh on him. His Defense is a joy to watch, as are his scoring heights. I loved watching the 86 Rockets run. In truth, I'm just sound harsh because he's being compared to the very best. Ultimately, his lack of passing and the fact that his defense and offense may have peaked at different times keep his peak clearly below the GOAT tier for me. And the rather steep drop off in 96/97 hurts his prime-length and longevity enough to keep his overall career clearly below the GOAT tier careers. And these concerns would still be the same, even if his surrounding team had been better. But that's just me! Happy to hear any disagreements anyone has.
