That's the thing about Music Label, even upscaled, it was not a very good toy, and not a very good representation of Soundwave. It was designed around the gimmick and not very well at that. Even the face doesn't quite come off looking quite right.
Siege Soundwave may have a totally bullshit selection of alt modes, but at least the robot mode is pretty great. I would have loved it if he turned into some sort of mobile troop transport, like a bookshelf on wheels, with a rollaway top to hide tapes inside.
Given that Chinese 3p companies made a cassette accessory that actually sits in MP Soundwave's chest and plays clips from the show, I don't think it would be much of a stretch to make one that played mp3s instead. That would be great.