If this is the case, then we ban after it has proven to be a big problem, not because people feel that it might one day be a big problem.
The video is mostly just showing off random tech that aren't really that practical? I feel like the video was made for comedic purposes, not as an actual take on the issue. We've also seen more and more tournaments in the US and Canada unbanning Steve and few majors seem interested in banning Steve. The way things are going right now, I'd say a Steve ban is highly unlikely. Some locals will probably keep Steve banned, but as a whole still will most likely remain unbanned.
I still think he's not as good as Smash 4 Bayonetta. As for overcentralization, on the most recent EtherRank (a ranking based on ELO, so not the most reliable but it's the most recent global ranking), there were 5 Steve mains in the top 150 (acola, Onin, Syrup, Jake, and DDog). I don't think 5 out of 150 (or 3.34%) is a big deal. Steve isn't a very common secondary either. The Smash 4 PGR 100 (not 150) had 10 Bayonetta mains, or 10%. Smash 4 PGR v5 had 7 out of 50 Bayonetta mains, or 14%. Oh, and if we look at the top 50 of the current EtherRank, Steve has 2 players (acola and Onin), or 4%.
The SSBMRank 2022 has 18 Fox mains (and 3 Fox secondaries) in top 50, 28 Fox mains in top 100 (and 10 Falco mains, a character fairly similar to Fox in Melee, people called him a "clone"). Only counting Fox mains, that's 36% in top 50, and 28% in top 100.
Oh, and Smash 64 Pikachu 20 out of 50 for top 50 (40%), with 9 Captain Falcon, 8 Yoshi, 4 Kirby, 3 Fox, 2 Jigglypuff, 1 Donkey Kong, 1 Samus, 1 Ness, 1 Luigi.
Obviously roster size is a factor, but it's telling how Steve is only making up for just a few % of the ranked top players whereas in other games you'd see the #1 character significantly more popular at the top level compared to the rest. I think much of the dislike comes from Steve being strange, not because he's too strong, maybe similar to how Jigglypuff gets hate in Melee despite having only two Jigglypuff mains in top 50 and 18 Fox mains and 6 Falco mains in top 50 (Fox/Falco 48% of top 50 mains).
In conclusion, Steve is not nearly as overrepresented in top 50/100/150 as people seem to think. He's not even the #1 character right now based on amount of top player mains (in top 150, there are 6 Snake, Wolf, ROB, and Palutena mains, 5 Steve, Mario, and Samus mains). He's probably the #1 character in the game, although one could probably argue for, say, Sonic being #1 (4 Sonic mains in top 150 and Sonic mains make really optimistic MU charts).
Link to EtherRank:
https://twitter.com/etherssb/status/1663109095442771969 (updated weekly)