I don't see Shang Tsung as a boss character per-say. It really felt to me like they designed him as a playable character first and then gave him a couple upgrades to make him more "boss-worthy" when you played him in the Arcade Ladder and whatnot. He's just the playable Tsung with increased damage output, decreased damage taken, and a reserve of three characters he can morph into in addition to his Soul Steal move. I like him, but I felt he was a playable character first and boss second.
Playing as the "true" bosses such as Goro, Kintaro, and Shao Kahn isn't something I'd like. These guys built up tough guy reputations during the Story Mode, Arcade Ladder, and Challenge Tower. I can wail on Goro and Kintaro without losing a round, but they still have this badass feel to them for me. They feel like bosses. I have to stay away from them, if I mix it up with them man-to-man, they'll beat my ass like a drum. I like that feeling and I would be tarnish for me if I could then turn around and play as them in the Arcade Ladder and whatnot. (Yes, I'm aware of Gor-owned, I just consider that a cool one-time taste of how the other half lives lol.)