Dsmash kills stupid early (a sweetspot is as strong as utilt, easy), but it's wicked slow, so it's best used on a hard read roll.
Usmash on the other hand, has its uses over utilt. It hits both sides of you, so you can use it to punish a roll on reaction. It's got a long persistent hitbox, so, if you condition your opponent that you're going to dash-grab, you can dash-smash to punish a spotdodge. It's also amazing on edguard as it catches getup attacks, ledge jumps, and ledgedrop aerials. It out ranges a lot of down-aerials, and stops dead most drop-down dairs like ZSS, Sheik, and Greninja on reaction. Not to mention, it can be jump-canceled out of shield.
Utilt is Mega Man's best kill option, but it does have its flaws. It's absurdly punishable on block or whiff, and it requires the opponent to be grounded and in front of you. There's a lot of time where the opponent isn't in the right spot for an utilt, but you want a good out of shield option.