With how he's designed why would cloud ever need to be on the ground?
Well, he has to land eventually... pretty quickly actually, he just has one jump and a double jump. And the idea is, you just contest him when he is on the ground, and you
don't try and fight him A2A or G2A since he has a giant disjoint that moves faster, covers more ground, and is more lagless than the rest of the disjoints in this game. Basically, if Cloud is near you and airbourne, you should be in your shield, or attempting to time a perfect shield, since any other action plays into the Cloud's hands. Then, he will start to need to follow up on your playstyle with grounded moves such as his decent jab and tilts. These, while good, aren't nearly as strong as his aerial options. So you want to take the fight here.
Having this mindset has allowed me to beat more Clouds than I lose to, although I admit I haven't played any Clouds that are better than me with other characters, so its a hard metric to judge... but I believe its a good approach in the MU, and I believe I am approaching it better than others when I see them try and go head to head aerially and just get mopped up by nair/fair/bair.
Of course, with limit, Cloud just standing next to your shield and waiting is terrifying... This isn't a method to annihilate Cloud (It isn't 'make Zelda approach good), just a mental approach to the MU I have found successful. When I watch streams, I want to scream at people that try and nair Cloud with like.. Mario, while he is falling at them ready to swing his lagless sword...
Which he has no reason not to. Its barely slower than an empty landing to throw out a massive hitbox in any direction... He even has multiple ways to cover certain areas due to the extreme amount of space covered by nair. This is what I was getting at earlier, he doesn't have a weak angle or anything in the air like most characters. Look at Mr nintendo, Mario. He has a good close range burst, a stronger button for beating projectiles and multihits/shields (dair)... but a quick hitbox in front of him and you can guarantee you'll beat him out if he presses his forward facing button.
Cloud doesn't have that. Your button is probably worse in all directions than him, in the air. Thats all I was getting at.
Xandercosm
I don't think the general power level should be brought down... I just want a ZSS level touch up on Bayonetta, maybe Cloud if he continues dominance, and perhaps Rosa if she truly starts to stand above. Shiek is still an exciting ninja who has to overwhelm in neutral to get a win, she just doesn't have a stupid-easy way to fish for kills anymore.
I think the game could be more exciting if we saw a higher level of risk taking in top 8. I personally love watching Ally, since he doesn't have kill confirms he has to get creative/in the opponents head to land that Usmash, and it really shows his skill as a player that he can land it on pretty much anyone, even those who know it is coming.