It's a confirm nonetheless, if I landed giga punch and you stumbled you'd be dead either way. You're attempting to differentiate over a minor difference, and the top level Coles will kill you out of a stumble (down square) just as quickly as they will kill you out of a crumple. In fact, I always do down square after a punch for the extra AP and then I kill the opponent out of the stumble.
It's not unblockable, it does not beat out other super armor moves (they trade and no one gains AP), it can be grabbed, and the rest of the properties do need to be reconsidered. I'd leave the super armor, I'd leave the crumple, I'd take away the fact that a partial charge is saved if Cole is hit, and I'd increase the charge by a second. Counters should also override the super armor, period.
For the one person telling me I'm crying:
If you only saw the way these 2 evil Coles were playing. They would both be together and spam the red orbs, when we would get in range they would both just spam giga punches until we were downed and then R.
I used to play against a lot of evil cole's and never understood the hype because I hardly ever if at all got hit confirmed by his giga punch which I feel that I can see a mile away. Also I just jump or hold L1 when I see an Evil Cole coming my way with a charged giga punch (red glowy hand gives it away)
Once I started playing Evil Cole, I realized nobody blocks or jumps when they see that haha. So yeah nerf it so nobody has to learn to use L1 and X. I think those two buttons are overrated.