I’m not sure how much I buy it, but I think the argument for Hakeem starts with Winning Bias and league expansion. Expansion makes it more likely to create “ringless” stars, and similarly stars that are saddled on marginal teams (hiding their “true” greatness). Maybe we need a name for this, like the Garnett Effect or something. 
Anyway, if we risk slightly underrating players for multiple seasons, it’s possible that we’re overlooking one of these Jordan/Russell/LBJ sustained periods of all-time level play from like 85 or 86 to 95. We can all accept 93-95 Hakeem was a Sacred Peak, but the common narrative is that he was a substantially lesser player in the surrounding seasons. I certainly value him less, but, what if we’re slightly off because of the same biases that we know we have that make us remembering Jordan as “unbeatable?”
In 1985, rookie Hakeem joins the Rockets and they go from one of the worst defenses in the league to top-5. They improve 4.5 points, from -3.1 to +1.4. Hakeem basically replaces 33 yr old Caldwell Jones and Sampson is a year older, but otherwise a similar rotation (addition of 31 yr old Lionel Hollins/John Lucas at 24 mpg.) Hakeem plays 36 mpg, averages 20-12-3 on 1.12 per attempt, finishes 12th in MVP voting. Jordan finished 6th, and the Bulls improved 4.2 points, from -4.7 to -0.5 with a similar rotation. Right away, I’d ask myself if that’s a Scoring Blindess — 28 ppg gets more attention than Hakeem’s defense. (Even with that said, Hakeem's 4th in 86 MVP voting.)
I won’t go through his career, or all the data — it doesn’t scream that Olajuwon is GOAT — but what we’re looking at is a fantastic offensive center who seems to be completely resilient to defenses, and has a huge defensive effect/ceiling (if not GOAT-level in the 80s, certainly by 1990). Remember, efficiency wasn’t part of the vernacular yet, and in 90 the Rockets were 9th in points against, and the Pistons were first. Well, who won DPOY? Dennis Rodman. Go figure. (Hakeem was POTM in April…with gaudy scoring numbers) 
I consider fatal an Hakeem expert. Here is a post from the last project on pre-93 Hakeem -- emphasis is mine:
fatal9 wrote:I’ll try to contribute a bit on pre '93 Hakeem (especially 80s Hakeem). Some of the comments I read about him are bizarre. Yes, he wasn't the offensive anchor he would go on to become later, but this is still one of the best scoring/offensive big men of all time. 
From '86-'89 over 38 playoff games, Hakeem averages 28.4 ppg on 55 FG%/60 TS% in 38.9 mpg (36 ppg/100 poss). In terms of pure scoring that's up there with ANY big man, he demolished team after team in the playoffs. I've read young Hakeem described as offensively “raw”, which is a very liberal use of that word. Certain parts of his game were less developed than you'd like but "raw" isn't an accurate word to describe someone who already possessed all-time great scoring skills for his position, as 80s Hakeem did. If I had more time, I’d try to post more 80s Hakeem playoff games than there are on youtube. Here’s a typical good game from him: m 
 m . Looks “raw”, doesn’t he? The play at 4:15, shrink him down 6 inches and you could pass it off as Jordan. m 
 m against the best frontline of the era at the biggest stage. There's still a decent bit out there for people to get an idea of his skill-set at the early stages of his career. As always, game footage is preferable because it shows limitations as well. At worst offensively at this stage, he’s like a more physically gifted and considerably more skilled (especially in the post) Amare (who at his best was one of the best offensive big men of this decade). 
Now Hakeem's offensive game did have some weaknesses in the 80s, he didn't quite read defenses as well as he did later on, he passed more to get rid of the ball when he couldn't do anything with it rather than to create a play, could take shots that would be best described as “ambitious”. However, he still brings a lot of value with great post scoring that demands double teams, excellent midrange shooting, maniacal offensive rebounding (avg’d 13.5 ORB% in 80s, which drew early comparisons to Moses), exceptional motor to get good position, strong finishing around the rim, very high skill-set to score one on one from many spots on the floor and the usual frenetic activity on both ends attributable to his insane motor. While we have come to associate Hakeem with finesse, young Hakeem had finesse combined with a bit of a power game, but his game was more unstructured compared to later. He was like a hyper aggressive bull who tried to dunk anything around the basket, reveled in physicality and possessed a very aggressive scoring mindset that relentlessly placed pressure on defenses whenever he got the ball, but he still possessed the soft touch, footwork and finesse of a guard, still operated on teams with baseline fadeaways and jump hooks, still had the ability to balance himself to get almost any kind of a shot off. His game was wild, watching some of these 80s Hakeem playoff games, at times it's like a loose circus elephant on a rampage (probably how the Lakers felt in '86). Lot of confidence, almost to the point of irrationality, makes you blurt out “who the hell does that?” (or as Heinsohn says “I tell ya, this guy Olajuwon, doesn’t know fear at all”). His talent was so supreme, his game so unconventional, that even early in his career, it appears teams could not consider dealing with him over a playoff series, his skill and unrelenting floor activity overwhelmed them, not some second rate teams either, but dynastic ones of the era like the Lakers and Celtics. The indefensible nature of his offensive game is still there, and it's a serious problem for teams over a series. Even at this stage of his career, I would say offensively at the center position, only prime Shaq and KAJ can be thought of as being clearly better. Some people write off his career pre-'93 as if he's some marginal player, especially offensively ("raw"), but he's still playing at a level that is above the peaks of the second tier centers and like usual, due to the nature of his game, he becomes even more dangerous come playoff time. 
So there are weaknesses in young Hakeem’s game if your expectation is to make him the focal point to run your offense through. At this stage, Hakeem needs a good point guard or perimeter player to help run the offense as well as create situations to take advantage of his broad offensive skills (particularly strong finishing ability and midrange shooting), which is fine because most big men are at the mercy of the perimeter players they play with who handle the ball, help create a more dynamic offense and also help put their bigs in good position to score (prime Hakeem needed a dynamic perimeter player less than most centers do, because his game by itself was so dynamic). Also a coach who adds a bit more structure to help him read and predict defenses at team level better would have been helpful. So younger Hakeem may not be as capable of carrying teams with average players, but his game brings a lot of value if you put him next to some half decent perimeter players (like most players in the top 10 had the benefit of being around for a longer portion of their career than Hakeem did). BTW I also think Hakeem’s game allows talented somewhat ball dominant guards to play more freely around him than other bigs, his skill-set and versatility doesn’t need to bog them down as much which is a slight problem for bigs who only play exclusively in the post and take a lot of clocktime to create scoring opportunities for themselves (with the right players, you can play a bit of small ball offense with Hakeem, with all 5 players capable of attacking and shooting, without actually sacrificing your defense, we saw that in ’95 playoffs for example). I'm not actually a fan of making bigs, especially those with rigid games, the centerpiece of the offense if you have decent talent elsewhere, it's only practical if the big scores on supreme efficiency, is incredibly reliable against various types of defenses, uncontainable in single coverage, or has the skill-set to fit in and “get his” around perimeter guys without needing to necessarily demand, hold and dribble dribble dribble to score. Hakeem at basically every stage of his career, passes that test.
Older Hakeem was wiser, more capable and his offensive game was more structured, but we shouldn't discount younger Hakeem offensively as he brought value in a slightly different way. Hakeem’s proponents aren’t exactly saying he would have played like ’93 all those years (at least not me), there are clear distinctions separating young Hakeem and the one of his peak years (though there’s a possibility he gets there sooner, I think by ’90 he was there). Instead, they are drawing attention to the fact that 80s Hakeem is still really damn good, like all-time good, able to lead teams to championships good. But due to what we call on this board “winning bias”, many have a manic-depressive way of evaluating careers. We often see this with Kareem and Hakeem, where they came on strong in their first few seasons, then are placed in bad situations (usually situation improves over time for a star player), and people sour on those parts of their career as if they were forgettable periods where they were incapable of leading teams to championships and call these as the meme goes; "black marks". Good situations make players look better than they are, and bad situations paint them worse than they are.
 
Additionally, his WOWY and WOWYR data is negatively impacted by the 1991 team, which Fatal discusses here:
This is basically the only time in Hakeem's career where his team put together a decent stretch without him. Some of the players just...really stepped up (though not sure how sustainable it was), streaky Maxwell had the best scoring stretch of his career put up a game where he scored 51 and a bunch of other really good scoring games (shot 41% from 3 in the stretch, a career 32% shooter). Thorpe had a great stretch, maybe the best, of his career. Sleepy Floyd the streaky player he was had some great scoring games off the bench (including a 40 pointer). Rockets also had a good defensive backup in Larry Smith. Is this sustainable for a longer stretch? When Hakeem is first out of the lineup, they struggle, but then they put together a hot stretch in February, going 9-2 before Hakeem came back. And when he came back, Rockets were even better, they won 13 straight and went 17-2 over the next 19, so it appears Hakeem built on how well they were playing and took them to another level when he came back. That stretch without him might have actually served as the reason for why they weren't getting Hakeem the ball in the playoffs despite the fact he was really effective when he got it, and gave the streaky perimeter players the green light (Maxwell leading the team with 19 shot attempts a game in the playoffs on sizzling 41FG%/49TS%). Anyways, from '92-'96, his teams were 7-27 without him, in '86 they were 7-7, and in '87/'88 they were 3-7. The in/out change list that’s usually posted around here shows very impressive numbers for Hakeem in basically every other situation (some of the highest in/out changes IIRC), it’s only in ’91 when the difference without him was marginal. I mean the very next season they go 2-10 without him. Ask yourself, is the anomaly worth obsessing over? If this was a trend we saw consistently, there would be something to worry about.
Secondly, I don’t actually think Hakeem is having a huge offensive impact during the Chaney years because of how poorly the offense is organized/structured. There’s really not much synergy between him and his teammates. Watching the Lakers series in ’90, when he’s getting an outrageous amount of defensive attention, Rockets are basically clueless on how to actually take advantage of all the defensive attention he is drawing. Even when the first pass by Hakeem was a proper one, the second and third passes by his teammates weren’t (very lazy, slow, indecisive passing that allows defense to recover despite how compromised it was). There is very poor player movement, the floor spacing is puzzling at times and the Rockets were known for being a very poor half court passing team (the guards not exactly a smart, altruistic bunch). In contrast, Lakers know exactly where the ball is going after Magic or Worthy (who btw undressed Buck Johnson in the series) kicks it out of a double team and the second and third guys make the quick hitting plays to get the right guy the ball. To be fair, Hakeem iirc was also was frustrated by the attention and forced bad shots at times, but it's alarming how incapable Houston was of exploiting such aggressive double/triple teaming.
In 91, Hakeem averaged 24 ppg before his injury and 18 after (same efficiency); clearly a structural shift occurred in the team. With Hakeem back, they rip off a 19-3 stretch with a +7.1 MOV. The previous 22g (without Hakeem) a +2.3 MOV stretch. The 22g before his injury +3.8 MOV. Is that just natural variance or a trend of an improving team? Hard to say, because while that is within the norm of variability there is ample evidence Houston jelled...or at least became more of a "team." 
So coming back to Scoring Blindness, it’s not that Olajuwon’s game dipped in 1991, it’s that his role changed, suppressing his scoring numbers, as the Rockets tried to figure out how to get more out of parts that really didn’t fit well. In 92, he had the infamous contract dispute with ownership before Rudy T came in and the perceived "jump" in 93 took place. He always had tremendous offensive ability and elite defensive ability - the polish and passing likely came as he hit his peak. But if I had to build an offense around a big, it would be peak Shaq, then peak Hakeem/Kareem, and I'd prefer Hakeem as I find Kareem to be prodding at times. 
The take-home for me is how little team-building was going on in Houston and how poor the coaching/synergy was. In a good environment, like the 00 Spurs, Olajuwon might be a perfect second-fiddle offensive player, providing mid-range, post-scoring and iso 1-in-4-out offense when needed, while having full tank energy to anchor league-best defenses (playing the 4 or 5 seamlessly). Another way to ask this question is how much do you really believed Hakeem changed in 1993 (eg better court vision? figured out how to use shooters around him?), and how much changed around him (Rudy T? New players?). (Remember, contract dispute wasn’t settled until Mar 93). 
Summarizing the argument: It's possible 85 to 95 is more like 11 years of an all-time defensive anchor, one of the best offensive/scoring bigs ever who is completely resilient to defenses (it seems) and polishes his offense from years 9-12. His playoff teams in his peak years constantly over performed and seemed resilient in 7-game series. Swap him with Duncan's career (98 being Hakeem's 85, pairing him with Robinson instead of rivaling against him) and it's easy to see Hakeem having a 
better argument than Duncan here, depending on poster's criteria.