This is probably better than +1 for Star Mom, but until Rosalina pulls Falco's head out of the bowels of the blast line abyss I won't say it's any worse for Flaco.
Falco has a lot of threatening moves, even compared to Fox (his frame data is better! le gasp!), most notably his bair, but his fair and nair deserve note because IIRC, they both knock away Luma and hit multiple times. Fox struggles to knock away Luma while Falco has a significantly easier time (though definitely not easy, this ain't Meta Knight).
He also has down b, which seems like it gives him a desperately needed ranged option. I'm not sure how it was changed from brawl, however, so I won't talk about it.
Unfortunately, Fox's very fast movement speed is a good chunk of the reason he's top tier. Falco doesn't have that.
All of the problems Fox has approaching in this MU Falco has twice as bad. He doesn't move as fast, his specials don't go as far, and his laser stops becoming useful once we're in melee range. He also can't use his mobility as a mixup like Fox can. In addition, his recovery is even more easily gimped by runoff fair (though Falco Phantasm is faster and spikes so maybe not).
His punish game is likewise awful against us because of this slow movement speed (and his running usmash isn't nearly as strong as Fox's either). Rosalina can honestly just "throw out" aerials against Flaco.
His reliable killing options in this MU are arguably better than Fox's, because his killer of choice is bair instead of uair, which definitely kills later but hits much, much easier because of the direction it's coming from. For the uninitiated, Falco's bair is basically the same as it was in brawl. It's currently just as strong as Fox's but comes out much faster.
It also edgeguards much better in that it doesn't need a read of some sort to land. He can just cover options and eventually it'll hit. A read is always better, of course, but the point remains that it's better than Fox's option. He can also edgeguard with dair, but like hell that'll happen. That may be Falco but this ain't Melee. Missed Falco dair -> spike -> dead.
Falco is a rare character to see, even amongst rare characters. It's a shame since he's honestly not that bad.