538 isn't wrong. Jonathan Bernstein wrote just yesterday that "no one similar to [Cruz or Paul] has ever come close to a nomination in the modern era."
Paul and Cruz have major differences and where they do, Cruz's views are almost uniformly the more popular among Republicans.
And I don't know how he defines "close to a nomination". Perry had a double-digit national polling lead until his being too liberal on immigration was exposed (not a problem for Cruz) and then "oops" (a gaffe that actually feels less likely to happen to Cruz than to his biggest obstacle to the nomination, Walker). Cain also had similar appeal and a big polling lead until his extramarital affair came out. Not relevant for Cruz. I'd argue Gingrich did come close to the nomination. He won South Carolina and had a comfortable lead in Florida until Romney destroyed him on his ethics problems, which again, doesn't have any relevance for Cruz.
I wouldn't call him top-tier because Walker, who the establishment doesn't mind, is stronger. But past precedent doesn't justify dismissing him. And he's clearly a different animal than Paul.