Let's be honest, when you look at a character like Venom from a visual standpoint, you don't really think 'Protector' , you think 'what will that monster destroy next?' , but the comic run that made Eddie Brock and Venom into one of the best anti-heroes used the title Lethal Protector. The story is a fun one too, as it brings in more spawns of the alien symbiote, and also brings Spidey and Venom together as a duo.
Let's again be totally honest, Spidey and Venom are not the most likely team, Eddie Brock spent his life cutting corners and it cost him everything, Peter Parker is a do things right kind of guy. However, when they find themselves facing common enemies like other symbiotes or Carnage, or the Hobgoblin, they usually end up teaming, and they can make a very formidable team too.
The Venom movie that came out from Sony very loosely adapted the Lethal Protector storyline, for complicated reasons Spiderman could not be involved, but for me, the Venom movie did well without Spidey, and managed to do Venom real justice and set him up as an anchor point of the Sony Marvel movies. The idea of San Francisco having this thing protecting them, but knowing that if he sees Spiderman, he may turn to the dark side again, simply out of his hatred for Spiderman. Its a fun dynamic that I know the comics have played with, and I hope the movies use it too.
Venom in the MCU?
Sony has well established Venom, and made it clear that right now, Spidey does not exist, or at least has not been mentioned. Could we see Eddie Brock appear in the MCU somehow? My answer is yes, but then again, Marvel is pretty well set with plans for their movies, so it may be harder than it looks to do. I personally would love to see Tom Holland as Spidey come face to face with Tom Hardy as Venom, it would be a very fun contrast of size and light and dark.