Arnold did have some flaws, especially by today's standards. Compared to bbers today Arnold's quads and delts are nonexistent.
But in his era nobody except Oliva was in his league. Ferrigno could have surpassed him as he seemed like a bigger taller version than Arnold except with better quads. Like Arnold, Louie had those massive pecs that seems to be missing in today's bbers. If Ferrigno didn't do the smart thing and stuck to bodybuilding and gave himself more time to mature,he was only 22 years old in '75, he would have dominated the Franco/Zane era as well as making short work of Dickerson and even Samir.