Here's a few things that are still good about Pit:
- His running speed is faster than Sheik's
- Down Throw functions much like Sheik's down throw—floatier characters can get regrabbed on DI away, otherwise a techchase is begun.
- Those previous two points combined make Pit's techchases really strong overall
- Pit's dash dance is enormous—it feels to be about the same size as Fox's
- His aerials all have extremely low landing lag—some auto-canceling out of short hops.
- All of his aerials are disjointed to a considerable degree
- Side B allows for safe returns for effective reverse wall of pains via forward air
- Side B also allows for flexible movement options and combo extensions given its burst in speed
- Side B is good for avoiding aerial juggles for much the same reason
- UpB oos is faster than grab and regains neutral easily.
- JC Upsmash covers tech options easily
- Down B acts as a mario cape vs. most recoveries, notably spacies' Up B, Marth Up B, PK Kid Up B, and so on.
- Arrows are extremely good at forcing approaches, given their massive flexibility.
- Arrows also can snipe jumps and force bad recoveries, especially vs. characters whose recovery is reversed by Down B
Pit can't rush down opponents anymore, that much is probably true. But he's still entirely viable and has unique options at boxing out opponents. I've only just started playing Pit, but I'm already taking down mid-level opponents with him. He's very good. The critical issue Pit mains are experiencing in my mind is that they're so accustomed to getting combos for virtually no reason that they don't actually know how to play the game. People are able to escape Pit's bread and butter combos now, but that doesn't mean he no longer has combos.