Oh hey you're right, Wukong so underrated. Let's forget all these other champs that are better at him/provide things for a team that he does not.
Want more damage? There's a champ for that. Want a really solid initiator? There's a few champs for that. Want someone who's more anti carry role? There's a champ for that. Want someone that pushes like a monster? There's a champ for that. Want someone tanky that offers reliable CC? There's a champ for that.
His on hit Q is nothing special. Ok it reduces armor, and it does respectable damage with sheen/t force, but same thing with other champs. Only upside it has that most champs don't get is that the bonus damage applies to towers. He and Nasus in the same boat over others when it comes to that.
Nimbus Cloud is an awkward steroid/approach/escape that you can only use if you have something to target and you can't just immediately apply it. Hey I want Irelia true damage steroid, press spell. I want Jarvan double aura bonus, throw down Flag. Hey I want AS/AS steroid as this champ, select spell. Etc. Escape wise it's limited cause you have to target something with it (also means you have to have sight of it). The damage scales off AD but does magic damage, which is awkward later in the game when you're focusing clearly on AD armor pen and don't care about 300 - resistance magic damage.
His stealth for damage purposes is almost completely worthless because the clone just sits there. Even if you could reliably land that damage, the actual amount given is pretty small considering all things. For escaping/approaching, vision ruins it. It's best use is during a team fight when everyone's occupied with doing ****, and you stealth to get in position for Ult.
His ult... eh. His only form of CC, and it's simply a knock up 1 time for getting hit. Damage wise it's not too bad, the main problem is that it requires you to channel it to keep it going, meaning you can't take that same time to beat the pulp out of someone specific with auto attacks without stopping the ult. You can definitely do more damage to someone with 200 ish AD, nice chunk of crit and AS, than just by getting full ult duration off. This is more of a late game notice, but yeah.
As far as what he lacks, there are a few things he lacks that could set him more on par with other champs near his role. The lack of something distinguishable like reliable CC or sustain or very nice burst damage hurts him. You can't sustain like Irelia WW Nasus Xin Udyr (although you got nerfed you little manbearpig, OINK OINK) Garen etc. Burst wise you aren't doing more than most of those champs either. Irelia Q's in, does CC, gets AA's in maybe with sheen here and there, boom. Garen does Q and spins on your grave. Udyr applies the mighty tiger stance. etc.
CC wise he REALLY lacks reliable CC and I think this is his biggest problem since he's not over the top in other areas. Even Udyr's tiny 1 sec stun in bear stance is more appreciated than Wukong's only form of CC being in his Ult. There is so much you have to accomplish as a champion in that role, that not having reliable CC is a big thing for you to have to work around. If you jump in on that carry, but have no reliable CC, how are you helping your team keep them in place so that THEY can also beat on the carry? Or say you're outside that range, chasing someone down. Kinda hard to chase someone down without CC. There goes Fiddle about to use his Ult. But wait! You can stop that with your 10-13 second CD spell that stuns or knocks up or silences him right? Not if you're Wukong. Better hope your Ult saves the day.