I think the trick is to use a wide deep pot, get the water up to a hot rolling boil, then dunk the whole thing quickly and vertically. If you go too slow or the temp is too low, you'll end up with wrinkles as you show in the pic. Use a spoon to keep the cap in place as you dunk.
That usually results in a nice even, smooth shrink.
Also, don't use the large shrinks that are intended for flanged bottles, unless of course, you are using flanged bottles.
Also, it's usually recommended to fill your bottles a little higher. One thumb width below the bottom of the cork.
I need a heat gun I don't like the boiling water method for the shrink caps
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