I know this has been touched on but it seems no one pays attention to this point, so I'll say it:
Isn't it possible that Sakurai intended for this to be a weakness? He watched the pros play, so he knew all about edgeguarding. There's no way that he or his massive team couldn't have thought of this problem. So, there are two things that could happen:
1) There is a way to get past a cheap edgehogger (Zamus's 3rd jump would be the most obvious one)
2) It's simply a weakness that can be exploited by a smart opponent, just like with every other character.
Seriously, think about it. First off, by what I've seen of videos, Olimar looks plenty strong, as well as annoying lol If he had a good recovery move, he'd be plenty of people's main. He'd be a beast. This gives him a small weakness- I say small because of, as many have mentioned, the overall "floatiness" of the game. More recoveries in this game seem to be coming downward than in Melee, so here's a simple, not fool-proof though, solution: avoid getting edgeguarded at all costs. Seriously, it's just what you have to account for. For instance, with Olimar, regardless of where you're getting hit, you have to make sure, especially when you're racking up on damage, that you have plenty of Pikmin out. If you can't make it because you were short on the tether, that's not a weakness, that was poor planning. And in Ivysaur's case, if you're getting up there in damage, switch Pokemon asap!
My point is, though these are definite weaknesses, they need to be accounted for. Just like Boswer's weakness in speed, Pikachu's weakness in weight, etc. The dedicated Olimar mains will find a way, trust me. I believed anything was possible one I saw professionals with Bowser and DK owning at 1 on 1. Just give the game time! For crying out loud, no one is going to master a version in a different language that they've had for a couple weeks!