Was he? I think he underachieved even during his peak. He had diverse skill set to do better.
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Wasim's away output against better teams during his peak: Apart from Aus, his performance is not really going toe to toe with top tier pacers.
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Here is best bowler of that period, Ambrose, away against better teams.
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You may call slight underachievement but I will not call it slight. I think he was far more skilful to not have better output. You may be correct about him not able to use his skills to take wickets. Anyway, he was fun to watch due to ability to bowl all kinds of deliveries.
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Added late:
Thinking more on this, he did have very good output against better team at home during his peak. His average was 20.xx. So may be he underachieved slightly and not by a big margin during his peak. I just feel that Wasim had lots of skills and my memory was batsmen mostly having harder time to face him. It did not result in wickets proportionately.