You might be asking why. Why, Tony, wouldn't you want one of the biggest stars in pro wrestling history, a fan favorite, a money drawer, a legend, as the general manager? Several reasons:
1) We've seen it before. How often has Austin been in a position of power? GM, commissioner, guest host, blah blah blah.
2) Nothing new changes with Austin. For years, his character has been exactly the same. Now, sure, it wouldn't make sense for Austin to come out and start doing a different character, but how many times can you run down the same exact shtick? People criticize John Cena (myself included) for cutting the same type of promo week in and week out and for "wrestling the same match", but Austin's immune to it? When is the last time Austin's been involved in the WWE and did something other than basically come out, say his one-liners, stun someone, drink beer, and leave?
3) We just had a legend as a GM. Remember Bret Hart?
4) There will never be a payoff. Stone Cold is not going to wrestle any matches. Therefore, you have the option of starting a feud with someone and not being able to have it build to a match, or you just don't put him in a feud with anyone, and you have him do nothing more than what Bret Hart did, minus the repetition of the gimmicky stuff spoken about above.
To be honest, I don't know who I DO want to be the GM. I know I don't want it to be Vickie Guerrero. I still would like to see Jim Ross in the position, and I've actually warmed up to the idea of it being Abraham Washington (though this stuff isn't exactly fitting with his character), and I'm even ok with them just keeping the anonymous thing for a while. I'd also be alright with them replacing Cole on commentary with Josh Mathews and having Michael Cole be the GM. He can get the heat, Mathews is more than capable of doing commentary on Raw, and it would be something different.
All in all, I think this Stone Cold stuff is just a joke and that they'll have the GM start saying quotes from other people to tease them as well. But if it does indeed end up being Austin, I really hope they put some actual effort into it instead of just pulling the same old crap.