The prime example we've had of the all american hero since 2006 was... Jack Swagger? Ugh, really? Before they brought Zeb Colter in and made him relevant, Swagger billed himself as "The all American American American" etc. Red, white & blue singlet plus the titantron with the flag and fireworks. And that was it. Swagger never really got over with that character, although his new character, the "real american" is a million times better. However, Swagger is a career heel, and the all american usually works best as a babyface (exception: Kurt Angle).
Well before Angle, there were a couple of guys named Bob Backlund and Hulk Hogan who weren't necessarily playing the character, but became the hero by the will of the fans. Hogan should need no explanation; even non wrestling fans know who the Hulkster is. Bob Backlund was THE definition of an All-American, both literally (being an NCAA All-American) and figuratively, Backlund held the WWE title for 6 years, and never once turned heel during his reign. Why not? He said he'd let his fans down if he did, a very admirable response.
As far as today's American hero, I know one person who some people seem to think it is: John Cena. While not totally wrong, Cena is more the hero by the will of the younger fans, and by being Fruity Pebbles new mascot. We don't have the hero for all ages, but there could be one. A short list: Miz, Daniel Bryan, Dean Ambrose (when he turns babyface), and yes: Jack Swagger. Think about this: Swagger eventually turns on Colter, saying that he thought he was fighting for America, but in reality Colter brainwashed him and Swagger realizes what America is really all about: opportunity. Carry the flag to the ring every match, go back to the red white & blue singlet, hell even get some patriotic entrance music. It could work.
In the mean time, I guess we'll long for the days of 2002, when Edge & Hogan won the tag titles in one of the greatest moments in Smackdown (and WWE) history. Regardless of how you're celebrating, be safe and have a great Independence Day!