One of the original three jet-based Decepticons along with Starscream and Skywarp, Thundercracker appeared to be in the original Transformers cartoon largely so Starscream would have someone to partner up with. Since he never really went anywhere on his own, instead tagging along with others, Thundercracker never really got a lot of time to shine.
That said, he did win over a lot of fans by pointing out how unrelentingly annoying Starscream was. Thundercracker only got a few minutes of stage time before his untimely death in the movie, but pointing out Starscream's annoying qualities secured his place as master of pointing out the obvious.
As with the other early jet-based Decepticons, Thundercracker can be surprisingly difficult to locate intact, largely due to the large 20ber of fiddly bits that can fall off and be misplaced by children. That said, he's had a lot of production runs, so it isn't as much a scarcity issue as a question of price.
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