It's a true statement at some level, but on the other hand, it may not work for you as a player. Since they depend so heavily on reads and mindgames, if your opponent gets the advantage (or even if you're just getting used to the playstyle), you don't really have much to fall back on.
If mindgames are your goal, I'd say aim more towards the mid-tiers, where at least if your mindgames fail you have a little bit to fall back on. Characters like Lucario, Ike, Megaman, Ryu (if you consider him as bad as mid-tier) and Little Mac (when used carefully) all have enough strengths to fall back on if your mindgaming fails, provided you're reasonably skilled at them to begin with.