Before deciding on what design Godzilla should have, you have to figure out what the tone
of the film is and how that would influence the art direction/production design of the film.
The most apt and easily demonstrable example I can think of is Batman (who gets brought up way to much around here, but whatever);
Joel Schumacher's Batman films have an extremely exaggerated and very camp sensibility. Garish colour schemes, over the top architecture, etc. and all of that is reflected in the Batsuits of those films. If you just plugged the DK suit from Nolan's films into the movie, it would look wrong because it doesn't match the world of the film. This goes for vice-versa.
Just like with Batman, there is no perfect design for Godzilla (not matter what Heisei humpers may like to harp on about); Godzilla is only a set of physical features
to be tweaked and modified to fit the mood, tone, and theme of the film in question. The design has to match the tone of the film, otherwise we're only making designs that fit our own personal tastes and not anything that's necessarily practical.
That brings us to the second problem: he's drawn too modern looking. Godzilla's iconic appearance stems from the fact that he retains the stature of old-fashioned Theropods.
This is a minor misconception that comes about because of Tyrannosaurus glorification that continues to influence increasing nonsensical looking designs to this day. The only thing that's taken away from a Tyrannosaurus on Godzilla is the vague head shape. Proportionally, he has more in common with vintage Iguanadons;