I took his character as sort of like "What happens if DC's Aquaman had to deal with the Internet's mockery". You see a bit of that with his scenes with the psychiatrist, and I think that's part of why you don't see the interaction between him and Starlight. (The insinuation is enough.) But yeah, it seems like his character has sort of hit rock bottom, and I think that's what his sort of head-shaving scene was meant to represent. He's sort of "shedding his vanity". Although, I wonder what they'll do with his character. Do they go the redemption route? Do they go the anti-hero route? The hardest part is that he's limited to water, and unlike the Aquaman that we've seen recently, he has pretty much no power outside of the water. At least the DCEU's Aquaman appears to have some sort of super-human strength... The Deep can't even push a creepy woman off of him.
It always bugs me when I finish a show and it feels like there should be another episode. It happened with The Warrior earlier this year, and even though I was sure The Boys only had eight episodes, I still looked for a ninth.