I am biased towards Bayonetta because I love her as a character, but I see what playstyle she promotes and it does not look fun. The way I see it is in multiple ways.
1. Don't cry/whine for nerfs of her or any other characters and adapt to them.
2. With previous nerfs of other characters and her, people still don't understand the character and should still try and adapt to her. Also, the nerfing of other characters gives her more of an advantage now.
3. Ban her completely because of the play style she promotes.
I am against banning Bayonetta here, but I do see the points of other people wanting her banned. Bayonetta's death combos are pretty ridiculous and you have a VERY small window of error facing her or else your stock is gone in a little less than 15 seconds. At the same time, she's only been out for a little over a month, and that's still not enough time to assess what else she possesses and provides to the meta.
We should honestly wait for not just top player results of her, but for her to be out in this game for months before even assessing a character ban of her. I do agree with what
Zalezus
said about the game having more than 50 characters because we have officially 58 characters in this game, that's a lot of matchups you need to learn for one or more characters even if you don't see the bottom half of them in tournament play as much.
Also, even with the tournament results, lab against her. Fight her, find the best Bayo players in your state or that you know personally and learn what to do and what not to do against her. Every top tier character in this game (even other characters that aren't considered top tier, too) have absolutely ridiculous techniques that they can do that give them an advantage. The metagame has adapted what you can do against that, and people know those ridiculous techniques are coming after months/a year of it being there, and the same can apply for Bayonetta once people fully figure her out.
She's already been nerfed, so what else can we do? Banning? That's way too early to tell.
TL;DR for you: I see this situation with multiple viewpoints. I think we should wait before banning Bayonetta for her to get tournament results and for people to figure out what to do against her with labbing and other things since she's only been out for a little over a month.