Kraken slayer was added as an anti tank item. It had true damage, then magic damage and then when it became physical it still increased its damage each proc up to 100% so it has higher dps than burst.
Now the proc is only increased by 50% vs low hp enemies which is worse vs tanks than squishies. And no, the synergy with Bork is not better than before either.
Just bring back the 50% increase each proc up to 100% or else rename it to squid slayer.