Bush era, Reagan era
Time of blandness in movies
Government functions handed over to corporations
Mutilated character becomes cyborg
Vigilante style plot for knucklehead demographic
Handsome leading man, concerned female in Platonic relationship
Invincible body armor
Protagonist fights more powerful machine
Aside from all that, no comparison. Robocop is hands down the tougher, better film, with critique of American futurism and jingoism spread through the "background" in the form of satirical TV broadcasts and products such as the "6000 SUX" automobile.
Iron Man is pseudo critique, putting all Bush-era maleficent acts on the head of one all-powerful corporate type, while serving up "kill the vaguely Middle Eastern terrorists" hokum that's been in every blockbuster since the late '90s.