He's getting the pop, but the fans will turn eventually because he's not really doing much. It also feels like the fans have too many top dogs to love, so someone is eventually going to get the heat from being too much of a good guy. I feel like LA Knight was teetering that line a month or so ago because he was hot but not going anywhere.
People are still happy to see Cody back, plus he's still riding the wave of founding AEW/ being in the Bullet Club. If he wins the title and stays a face too long, I think they turn on him.
Look at the entire roster, its baby faces all over the main event. There are not enough top level heels. Lashley, Roman, and then maybe The Judgement Day, but the people love Rhea and Finn is always on the verge of being a face again. Someone that is currently face will eventually need to turn and be in the main event. That's LA Knight, Cody, or possibly McIntyre, though he would need a title to get his main event status back.
Maybe Seth. Seth is also seemingly too loved, but they can find a way to turn him too. He's getting pretty stale as well with his face run.