Cole has undoubtedly jumped the shark.
He doesn't understand that sometimes less is more and in two of the matches, he dragged so much of the attention away from the match and onto him (nothing should be more important than the match) and he wasn't just critical of the faces, he completely buried them
The best heel commentators like Ventura, Heenan, Lawler and JBL always put the faces over as competitors, as worth watching and sold them while showing obvious bias against the things they did in the storyline or due to their personal history with them to make it work.
Cole and Matthews were laughing over, not calling and patronising a divas title match. Now if anyone has automatically jumped to the unthinking position of "it's the divas, who cares?", save it for SexistOnline. This is a title match and it should be treated with respect. It doesn't matter what you think of the match, I think of the match or Cole thinks of the match. Cole treats it as though it's not worth watching which is disrespectful to anyone to puts their body on the line out there. And he went beyond just being critical of Natalya, he completely buried her by saying he hopes she's out of the title hunt, ie we shouldn't really want to see her. And Matthews reaction was off too. If this did come from backstage, it's a disgrace.
And obviously, as people have mentioned, Bryan v Miz sucked thanks to Cole and Riley who's commentary was taking away from the match. The commentator should never be the main focus of a match. Because Cole doesn't know how and isn't being told how to do subtlety or how to vary his act up, his continuous attempts at drawing attention to himself killed the match.
Also, the worst bit was when he said that he uses Bryan's matches as a cure for insomnia. This was way too far and one of the worst things he could have said about the guy. It goes beyond being the annoying heel and hence, putting him over as a face, it was the voice of the WWE saying that the US Champion isn't worth watching, that his matches are not worth seeing. He buried him as an in-ring competitor which is something that should never ever be done whether you're The Great Khali or Bret Hart in his hey-day.
Management should have realised this and if they have done and aren't doing anything, it's a disgrace and they need to tell Cole to stop trying so hard, stop taking focus away from the match and to commentate properly. His heat is nuclear as it is, he's only second to Vickie Guerrero.