I'm going to back @King Arceus up on this one. Hoopa-U strikes many similarities with Mega Mawile, especially in the power vs. speed department. Both of them had hilariously high attack power, with a weaker defense [though flipped between the two, Mega Mawile struggled with special attacks and Hoopa can't take physical attacks very well] and are quite slow. Though, if you take the hit [or, in Mega Mawile's case, use Sucker Punch on an attack] you're almost garunteed to knock something out. Hoopa-U takes it a step further by having amazing coverage and very powerful special attack, as well as the ability to hold an item other than its megastone. Well Mega Mawile relied on it's insane attack stat with Huge Power to shred anything, Hoopa can just hit you for weakness, and has a STAB move that goes through protect, meaning nothing is safe.
That's a very good point about Mega Mawile although I still find Mega Mawile quite different from Hoopa-U in terms of defensive typing. Fairy/Steel is one of the best defensive typing in the game. Additionally, The fact that Mawile requires a Mega stone can work as a benefit. You cannot remove the Mega stone by Knock Off.
Mega Mawile's special defense is quite low (50/95) but you cannot compare it with Hoopa-U's physical defense (80/60) along with its weak typing.
The great defensive typing of Mega Mawile had allowed it to be a great force in OU before its ban, despite its low special defense stat.
Hoopa-U, on the other hand, has no resistance at all with only one immunity (Mega Mawile has 9 resistance and 2 immunities). It is weak to the very common U-Turn and extremely weak to Fairy attacks. This along with its poor defensive stat and its low speed is what I think keeps it in OU.
My point is if you don't have a Pokemon that can defeat Hoopa out when it comes out, it becomes a question of "Which Pokemon can I afford to lose to get in a better position?". Life Orb variants do an incredible amount of damage. To give an idea of just how much power it has, Adamant Life Orb Ice Punch actually OHKOs 4HP Multiscale Deragonite 25% of the time keeping in mind this isn't even a STAB move. I don't feel it is healthy for the metagame in that regard. If a Pokemon is boosted, I could justify a switch causing you to lose this kind of HP, but not when its unboosted.
While it's true that you cannot switch anything against Hoopa-U and be sure to not get 2HKO'ed, I don't feel like this is enough to ban Hoopa in light of its major problems.
If Hoopa had some resistance, a little more speed and bulk, I would agree on that with no doubt. Even with that major power to 2HKO the entire metagame, Hoopa-U fail to limit teambuilding. No player necessary needs to consider Hoopa in building a team since almost any team nowdays has already at least one faster Pokemon/U-Turn user/priority user.
Other than these common options, many teams also has pursuit users and Fairy types which are not designed only to check Hoopa-U.
The major ability of Hoopa-U to 2HKO the entire metagame is scary and overpower on paper, but in practice, I feel like Hoopa-U has just the right amount of problems in order to be safe in OU.
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