That's kind of a cynical way of looking at the game's balance, though.
You have to consider what many people consider to be top 15 or 20 or whatever. Characters ranging from Sheik to ROB to Ike, Meta Knight, or Mewtwo have all taken tournaments. Even D3, a character widely considered to be bottom 5-ish, has taken tournaments. We have a game where roughly 20 characters are considered viable in some form or another, and many others that have proven to be able to make a stand in the meta as well. Compare this to the likes of Melee where you're kinda lucky to see anything past the top 8 or so, and whose bottom tiers have a much larger gap in terms of their viability from the top tiers.
So no, Jiggs isn't as good as Sheik, but somebody is inevitably going to end up as worst in the game. 4 or 5 characters out of over 50 having poor results is not a bad thing at all. Especially considering that we got here from the early days where Diddy, Sheik, and Rosalina had all of their dumb tools still completely intact and Sonic's back throw was taking names at 90%.