Cocobolo is one of the most stable woods around. The only ways I can think that it might shrink are if the wood was installed "green", or somebody did something they shouldn't have, like put it in a dishwasher, soaked it in water, or left it somewhere in high heat.
The very first blade I ever forged has Cocobolo scales on it.....nothing but lightly buffed and waxed for a finish. I used that knife for about 3 years, and it's been tucked away in a drawer for over 20 years now, and the handle fits as good as the day it was installed.
If you have a knife with scales that are shrinking, then something doesn't smell right.....somebody messed up some where along the way.