I apologize if this sounds biting, but I personally can't stand when people go, "Hey, this Pokemon was kinda weak. I know! Let's talk about making an evolution to it!" I blame this thoroughly on DP, which tacked evolutions onto a ton of first-gen Pokemon, but really, the developers probably did it for reasons other than to make so-and-so stronger and more useful.
Really, sometimes, Pokemon are fine just the way they are. Not everyone can be useful and strong like Rhyperior or whatnot. Otherwise, we wouldn't have the UU tier. Sometimes, Pokemon like Sableye (the first Pokemon with no weaknesses or resistances -- ergo, gimmick Pokemon) and Luvdisc (the love Pokemon) are meant to be the way they are, with no special evolutions. (Yes, I've seen people suggest Luvdisc evolutions. Why they would want to, I don't know.)
Hypno, meanwhile, is a supporter Pokemon of the UU tier -- and pretty blinking good at being that, by the way, with Light Screen/Reflect, Thunder Wave/Hypnosis, and WTF S Defense. In other words, Hypno can take his fair share of hits, and though he's not the best Psychic-type out there, if you want something stronger offensively, there's always Alakazam, Gardevoir, and a number of other Psychic Pokemon.