I feel the show would do better on HBO or a premium cable channel.
Like the element of truly being disturbing and scary is gone. With Freakshow they could have really gone there, but they are so hell bent on making everyone "good" and "bad", have them be in between. I would rather see a crazy Freakshow act and see how they got to be so bitter and mad than a group of outcasts who is trying to survive. Have the writers actually think of the most disturbing scenario they can come up with... say Stanley kill someone (say Ma Petite) with his extra large tool.
With Asylum they really went there, Possesed/Drunk Nuns, Dismembering Patients, Crazy Santa, Full Out Torture.... here they just settled, being a Freak is just enough. Next season it needs to be normal people and what they can really do when it comes to say surviving.
I would love a season set in the Rocky Mountains, the theme being alone so AHS: Isolation, make it part a slasher season and add in some extra elements.
Have a group of adults take a hike up a the Rocky Mountains but they don't make it back down before and the sun sets so they are kind of lost there in the dark (If you've ever taken a hike on those huge mountains, you know timing is everything, specially with the shadows of the mountains blocking the light)
Have crazy mad old miner live alone near by, he's so bitter and kills people and dumps corpses in an faraway lake so sometimes the bones or bodies float in that lake, he can also lure people into and abandoned mine, have natural elements like wolves and bears chase the group, have a western ghost town near by, play with old Native American stories.... it can be a good slasher/hills have eyes type of story or stories, have 3 plot lines at the same time then tie them all at the end some way but at the end you worry about what you have to do when you are alone.