Of course it's a risky move, no move is unpunishable. Maybe thats why I like it. THe range is what makes it ridiculous. They ALWAYS have to consider that Fsmash from a distance, at least against me. I mean you know, baiting them to release the shield, baiting them into a dash (They can't do crap in the beginning frames except for jump...which gets hit by Fsmash anyway <3 ) Especially against characters with larger...dash lag? I dunno, larger the time between they first dash and how long (distance or time wise) until they can shield or do some sort of defensive option.
Wolf I think has the shortest time (or distance) between when he dashes and when he can shield...I swear. Someone oughta test that. And yeah, it's pretty much amazing at punishing.