Yes, this is definitely a good application for shotcrete. To restore the cover:
- Chip or hydrodemo back to sound concrete. If a reinforcing bar is more than half exposed, chip at least 1 in. (25 mm) back behind the bar.
- Make sure the surface is roughened and clean.
- Bring the concrete surface to saturated surface dry (SSD) condition. This means the surface feels damp but water is not picked up on a hand.
- Make sure the shotcrete placement is properly executed. Use of an ACI-certified shotcrete nozzleman is recommended.
- No bonding agent should be used. It will interfere with the natural bonding characteristics of shotcrete placement.
- If chipping out a section do not feather edge. Provide a ¾ to 1 in. (19 to 25 mm)) depth of cut at the edge to provide adequate thickness for the integrity of the shotcreted material at the edge.
This article on the excellent bond between shotcrete provides more detail: https://shotcrete.org/wp-content/uploads/2020/05/2014Spr_TechnicalTip.pdf