The most important feature of a good slasher franchise is of course the villain. Though they aren't who the audience is meant to root for, they're often the most consistent element of the franchise, and the character viewers get to know best. The slasher franchise in general is something of the past and not too common anymore, and it was thriving most in the 1980's.
At the height of slasher fame, there were three heavy hitters that dominated culture. And their villains transcended horror fame, becoming mainstream pop culture icons. These would of course be Michael Myers of Halloween, Jason Voorhees of Friday the 13th, and Freddy Krueger of A Nightmare on Elm Street. All of these villains are amazing in their own right, and share some similarities, but of course one must reign supreme.
The one that stands out as being the most unique, the most well developed, and the most entertaining to watch, would have to be the dream demon himself: Freddy Krueger. His franchise, Wes Craven's A Nightmare on Elm Street, revolves around his attempts to attack teenagers in gruesome ways through their dreams. He does this as a form of revenge after a group of local parents burnt him alive after he was found to be killing children in the town. Krueger is a highly recognizable villain, as are all the good ones, and is most well known for his hat, his Christmas-looking striped sweater, and his burned skin. Fans will also recognize his weapon of choice: a glove with knives attached to the fingers.
The first thing that makes Freddy stand out among the others, is that he talks. Michael Myers and Jason Voorhees are both largely silent. While this does a lot for their characters being truly scary, it does mean they lack a bit of personality. Freddy's personality is always on show, and he's the star of the movies. He's gross and mean and he likes to kind of play with his victims and crack a lot of jokes. It's highly entertaining and becomes such an integral part of the series and what makes it a lot of fun.
While Michael Myers and Jason Voorhees look quite similar and are often confused for each other, none of that happens with Freddy Krueger. He shows his face, opting to not wear a mask, and his outfit as a whole is unique to him. While him showing his face isn't alone a big benefit that makes him stand out, what's done with it is interesting. His face and his facial expressions add a lot to his character and the kills. His burned skin is also quite menacing in some ways, and is a product of his backstory that just makes a lot of sense. The sweater and the hat and even the finger knives are so distinct and at this point, a Freddy Krueger costume is far more recognizable than a Jason or Michael costume. His signature style is the most unique of the bunch.
The A Nightmare on Elm Street overall story as well as Freddy's motive and backstory are also the best developed of the other 1980's slashers. Not only does the story just have a lot more elements and character diversity as a whole to keep it interesting, but more is revealed about Freddy throughout each of these films.
His backstory is absolutely terrifying, especially as he targets children specifically, and his presence in these films is also really interesting. Him traveling through dreams and killing these young people in their sleep, playing on their fears and personalities, is a truly scary and intense concept. And this stays very consistent throughout all the films. It's much better thought out than the backstories involving Michael and Jason, as those characters seem to kind of lose their motive and move into senseless and random killing.
This crazy and creative concept also allows for some crazy and creative kills. Though there are some standouts, the majority of Jason and Michael kills are mundane and kind of similar. Virtually all of Freddy's kills are different from each other, with different themes, and massively creative. They're gory and gross but also kind of silly and funny, and just make for a really entertaining watch. Freddy uses his humor even in his murders, and he tends to take things to a bit of an extreme but still makes it quite lighthearted. It's really very nuanced and intelligent the way these kills come off in the film, and they all play into the signature Freddy Krueger style.
People tend to be a little divided on the A Nightmare on Elm Street movies as a whole because they do become a little weird and stupid towards the end. However, criticism for Freddy Krueger as a character and as a villain is very rare. He's simply iconic and has totally transcended horror culture into mainstream culture. Everyone knows who he is and what he looks like, most people know his backstory and what he does. As a whole, he's just a really well-rounded and well-done character who stays very consistent, and very entertaining.