It's pretty clear that Cloud is a strong character who might just be the best character in the game. But (hypothetical case) considering he is going to stay the same from now on because of the end of patches; isn't there an easy counterpick character that can somehow deal with him? We all pretty much agree that Sheik can stand toe to toe with Cloud, but Sheik isn't exactly an easy character to use. Is the meta fated to get to a situation where top level only consists of Clouds and Sheiks? I mean, in a game that is, as everyone claims, one of the most balanced fighting games, surely there must be more than one option to beat Cloud that doesn't come down to player skill.
One way to approach this is: what are exactly Cloud's weaknesses and which characters can abuse this options?
Cloud's greatest weaknesses are his ability to get comboed more than one would think he should be, and his recovery.
For the combo part, we all know how good nair, uair, and dair are. But the thing is, if a combo does not get too overextended, then they won't function as a get out of jail free card. Once one gets in on cloud, its easy to rack up some percent. Compared to most of the other top tiers, cloud's escape options in a disadvantage state are not nearly as strong. Is cloud's disadvantage terrible? No. Is it good? No. If the opponent plays smart while in the advantage and knows how to pressure cloud, then he will be having a bad time. While he could run away to reset to neutral, he could give up stage control, and risk being sent offstage early. Basically any top tier can put this sort of pressure on a cloud, and surprisingly to most of the people here, a good chunk of the cast can as well. While getting in against him is a task, once you are in his mediocre disadvantage starts to show.
Now on to recovery. I know this one has been stated to death. But taking a risk and edge guarding against cloud is a big thing. If one can tech reliably if there is a stage spike, then there is nothing much to fear besides a fair, which is decently telegraphed. As long as your recovery is not terrible, its rather easy to pester him offstage.
The only issue with cloud is how strong limit makes him. It patches up recovery, gives him a kill move, and makes his mobility awesome. The thing is, Limit is not an auto out, a Cloud has to stop when someone approaches. His grab at most just sends you away for him to charge limit, and his OOS game, while good, is no where near on a level like other characters.
In all honestly, Cloud is likely not even the best character in the game; He is just one of the easiest top tiers. Him and Mario are the two easiest top tiers in this meta right now to play. I personally see Sheik, Diddy, Ryu, and maybe ZSS as stronger characters than him.
Also, if we go by results, then Cloud's victories at majors have been scarce. He places decently and he is very common, but he is not dominating top placings any more than Sheik, Diddy, or ZSS have done.
TDLR; Cloud is not the best in the game. He has a lot of insane tools, but his mediocre disadvantage and his poor recovery. Limit charging is punishable, and the reason he is doing well is he is just so easy to pick up compared to any top tier not named mario. He is easily top ten, probably top 5, but he is not the best in the game by a long shot.