The construction of cloaks have two variables - race and gender. So a cloak equates to that many race/gender combinations.
Adding in a third combination such as including a helm model adds another layer to the combinations.
Modifying them so they fit into shoulders probably requires nothing less than a total revamp of character modeling with regards to how a cloak interacts with each and every shoulder model. Per race. And gender.
That said, I think they can be improved. But if we were given a transparent choice between improving capes and say, 3d textures on chest models, I'd probably pick the latter. Because I doubt both would be worked on at once.