They could do three small things to this move and it would actually be useful as something other than an IAF gimmick. First, they could add to its defensive properties on startup, including invulnerability frames when used as a wakeup. I think I would shrink the hitbox when she is starting the move, making low attacks miss her completely to let her escape pokes with the move. They also need to speed it up a lot, as its speed is its biggest weakness right now. This move is slower than all of the teleports in the game at the moment and its nowhere near as useful. Finally, they could boost the distance and speed of the move you make once you are actually airborne, like maybe full screen with a dash, half with a tap, so that it could work as an escape tool, like a ghetto teleport. Reworking it into an escape tool would add some options and give her another method of getting free of pressure.
I really think this move never got past the "this is something cool we can toss in" design stage from MK3 and this sort of overhaul would give it a real purpose. Plus Sindel wouldn't be the only zoning character without some form of escape tool. Its so dumb that she is literally the only zoner without a teleport. I don't wan't a teleport, but I would be happy with something that could be used to escape pressure in the same manner that Kitana's square wave punch is.