Unpopular opinion but 1992 doesn't even crack my top 5.
It was a great Rumble, don't deny that, but I thought there were better Rumbles than 1992 like 2001 and 2004 for example and I think star power is such an overrated aspect into what makes a great Rumble match just like surprise entrants and unpredictable winners. You saw how well star power worked out for this year's Rumble match.
My favourite Rumble is one without much star power, surprise entrants and an unpredictable winner: 1998.
This Rumble had a great story with Austin being a marked man, it worked out perfectly for his hot rise and was a fun ride for me to be on. The build to the Rumble with Austin going after everybody on Raw, factions/tag teams like Los Boricuas, The Godwinns, The Nation Of Domination hunting for Austin backstage on the PPV just before the Royal Rumble match was also great. I was amused by the foam middle finger that Austin left for The NOD in his locker room and The Boricuas beating up Skull, thinking he was Austin, lol. There was also story progression between Rock and Farooq with Rock eliminating Farooq from behind, continuing to build heat between the two and Rock eventually taking over The Nation, kicking Farooq out and Triple H & Owen's feud with Triple H and Chyna, who weren't participants, costing Owen the Rumble by causing his elimination. The Rock also lasted 51 minutes in the match, which was also great for his rise, making him the second MVP of the match behind Austin and those two would be the final two of the Rumble, so it was a glimpse into the future between the two guys who would go on to define the Attitude Era. You had excellent moments like Austin's entrance, where everybody in the ring stops fighting each other and turns to the entrance, waiting for him to come out so they can beat him up and eliminate him, only for Austin to sneak into the ring from the crowd and eliminate Marc Mero and a couple of other guys, which sold Austin as a marked man perfectly. The GOAT entrance in Rumble history. Rock lasting for 51 minutes in the Rumble as already mentioned, elevating him. The 3 Faces Of Foley entering the match, Cactus Jack and Chainsaw Charlie starting the match and going hardcore in the Rumble before 2001 did it. Owen running in and eliminating Jeff Jarrett as Jarrett was strutting which got a big pop from the crowd. Owen was the second most over guy in that match. Ken Shamrock standing up to the biggest dog in the match without no fear, Kurrgan, and with a bunch of other guys, eliminating the big guy, which also got a pop from the crowd. Kama Mustafa shoving Ahmed Johnson on his way out, which was just a randomly funny moment, lol. Triple H and Chyna eliminating Owen with Triple H's crutch, which was also kinda funny but as I said before, advanced their feud. Rock surprising and eliminating Farooq from behind, Austin hitting Rock with the Stunner and then throwing him out to win. Mike Tyson watching the match from the skybox, showing his reactions especially showing him marking out for Austin's win and then Michael Cole interviewing him after the match to get his thoughts on Austin winning, in which he makes a hilarious botch calling him "Cole Stone", setting up the iconic segment between him and Austin the next night. Another awesome moment was that 3 of the final 4 were Austin, Rock and Dude Love, the three guys who would go on to define the Attitude Era and defeat Monday Nitro together. When you have a Rumble like that, that's really only focused on one guy and the match still turns out entertaining for it's moments and the story/storyline building, being part of one of the greatest Wrestlemania builds of all time, none of those other things like surprise entrants, surprise wins, star power are even relevant. It was a helluva fun Rumble to watch for me.
2001 is my second favourite Rumble.
2004, 1997 and 2002 or 1999 make up the rest of my top 5.