Do we still think

is bottom 5 (according to Zero's nowadays awful tierlist)?
I mean, I see still people in Twich chat saying that he's awful. I know it's not the best source but it shows that if a top-player, in this case ZeRo, talks bad about a character, that the sentiment doesn't really go away, despite the results. And we have to say that Maister does put work into this character and gutted ESAM pretty convincingly at Combo Breaker with 2-1.
He's now even in GF at Combo Breaker with G&W, beat yeti (

) 3-2 according to smash.gg.
I will just start off by saying, holy crap, the GF between yeti and Maister was intense. I was a bit shaky from it all, but I'm glad to see Maister pull through once more; that said, yeti performed very well, even managing to reset the bracket.
As someone who mains G&W, I will give the best thoughts I can about him overall, based on my experience with him and Maister's experience with him:

sort of fits the bill as far as a jack-of-all-trades character, and possesses attributes that you would see with characters like

and

. A majority of his attacks allow him to respond to a variety of situations: He possesses a reflector, has disjoints in certain moves, possesses projectiles to control space with, possesses some combo tools, and has both fast, unsafe KO options, while also holding slower, but safer KO options. Unlike, say, a character like Mario, though, Mr. Game and Watch isn't really about rushing the opponent down with strong frame data, but rather utilizing his variety of options and good air mobility as an mix-up trapper-esque character that forces reactions from the opponent that turns the battle in his favor.
Because of the nature of his character, Mr. Game and Watch has a strong set of defensive tools that allow him to convert to more aggressive options. Bucket is a very good reflector/absorption tool that makes it risky for characters like

and

to utilize their strongest projectiles. Against Yeti, Maister made good capitalization off of yeti's use of Mega Man's pellets and charge shots, which allowed him to score KOs when needed. Back aerial is another very strong move that turns the tide in G&W's favor: The move is very disjointed and sets up the perfect angle for an edge guard. Fire is an extremely fast OoS that pops the opponent up in the air for juggling shenanigans, and can actually be somewhat to punish as the move has a quick duration of only 37 frames. Forward aerial is spammable, can poke shields freely, and can score KOs all at once, making shielding against G&W/approaching him as a whole a risky option. The move is not meant to be used as a aerial combat tool, but rather a poking option to cover more space. Chef racks up a ton of damage can cover a lot of options thanks to its arc, and it sets up for grabs.
Mr. Game and Watch is at his best against opponents above him and when opponents are off the stage. Neutral aerial/up aerial chains rack up damage very fast and keep the opponents in a disadvantageous state. Both options have also cover a lot of space, which combined with Game and Watch's strong aerial mobility, makes it hard for the opponent to escape being in a bad spot. Against opponents offstage, Mr. Game and Watch is allowed to constantly harass the opponent with multiple uses of back air and down air, not only because of back air's very low endlag, but because Mr. Game and Watch has a really strong recovery that covers a ton of vertical distance. Even without taking that into account Mr. Game and Watch also has good ways to put opponents in these types of situations: Neutral aerial catches jumping opponents, his grab has good range and his down throw sets up for neutral aerials and up aerials; back aerial, sourspotted down smash, forward tilt, and Fire's late hit all send the opponent directly horizontally, which is the best angle Game and Watch wants the opponent at for edgeguarding.
Mr. Game and Watch also sports a plethora of KO options. Let's get the creme of the crop out of the way: Down smash is utterly ridiculous. The move is almost as spammable and safe as Olimar's up smash, has a strong disjoint, and its sweetspot is a literal KO confirm at percents as low as 70%. The move is really good against grounded opponents rushing him down, and is very strong at covering the ledge. Putting that aside. forward smash is powerful and has good vertical and horizontal reach, which makes it ideal for catching landings, down tilt is a very fast burst option that can catch unsuspecting opponents, and is a solid confirm off of neutral aerial, and forward tilt is strong, fast, and ideal for catching spotdodges. Up smash has gotten weaker as its now easier to contest, but it's still powerful as baiting tool, and thanks to its slow start-up, is very effective at catching spotdoges. It still has insane shield pressure, and can be followed up with forward tilt or down tilt. Granted, he doesn't have much confirms overall, but it grants him multiple mix-up options that make it hard for the opponent to approach him with.
Mr. Game and Watch has multiple issues, however. Generally speaking, his neutral isn't very good. He has options to throw out in neutral, like forward aerial, back aerial, neutral aerial, grab, and Chef, but his moves are generally committal, which can make him easy to punish if you're not spacing well. Because of this, Mr. Game and Watch as a whole performs worse when the opponent knows how to dance around his moves, so constantly mixing up his options and keeping the opponents on his toes is key when playing him.
Aside from back aerial, a lot of his moves don't have a ton of range; this makes him prone to having his attacks beaten out by characters with fast and strong disjoints like

or

. Granted, he's not hopeless against them as back aerial is a really good tool overall, but it can be uphill battle.
Lastly, Game and Watch has good juggling capabilities, but as far as dealing with landing characters go, he's not very well equipped. I still feel that up tilt is the worst move in his toolkit: Its range is piss poor, and it has too much start-up to make it a good move overall. It can be okay as an anti-air, but its coverage is too minuscule overall to make it reliable as one. Up smash is better as an option for covering landings, but the move has a ton of start-up, which makes it a bit of a gamble to throw out. Dash attack can be good at catching landings, but it doesn't have a lot of vertical range, which can cause it to whiff at times. I'd say forward smash works decently well as an option for catching opponents; even though it has noticeable start-up, it has a good vertical and horizontal disjoint, which makes it a less risky move to use than up smash overall. I honestly think he could easily be a high tier character if he had a really solid and quick anti-air option, and if they did rework up tilt into a weaker, longer ranged, and faster anti-air, he could be really solid overall.
Overall, Game and Watch works best off of conditioning opponents into certain spots and capitalizing on them. With how many flexible tools he has at his disposal, and with how dangerous he can be in advantage, I really can't see him being lower than mid tier, or even possibly the upper end of mid tier. I don't know if I can buy him being a high tier just yet, but I would be lying if I didn't say that Maister's really doing good work with him. Based off his performance with

at Combo Breaker and Full Bloom, I can see him going places.
While the start-up of his smash attacks may be slow, the endlag on each of them is pretty respectable (especially compared to his tilts). And despite Up-Smash's invincibility being reworked, it still serves well as a combo starter thanks to its low-ish endlag. Up-Smash also lasts 2 more frames compared to Smash 4, making it better at punishing rolls and dodges. As well, both F-Smash and D-Smash are disjointed, with the latter being able to catch people off-guard thanks to having a good vertical hitbox.
I'm not saying they're the greatest Smash attacks in the game (although I think very highly of his D-Smash), but they're good enough to be used and considered. I don't think looking at a move solely on its frames is the best way to judge it.
I would also add that for how strong each move is, the frame data of each move is really solid overall. Down smash sets up confirms as low as 70%, forward smash starts KOing from anywhere at percents around 100%, and up smash starts KOing as early as 90% now thanks to the knockback buff.