the MU changes at various levels of play (as with the vast majority of the MUs)
I believe the MU is even at top level
Falco wins below that
my advice is to be very conservative with using cc'able options.
space safe bairs. take obvious grabs. look for the grab always.
abuse platforms and shield drops.
deal with lasers properly (learn to work around them on platforms, or straight up take them and move asap)
if the falco has good punish game you need to learn to use sdi. the difference between di away and proper perpendicular di+sdi is quite big.
also know when you're forced to tech - 99% chance the falco will follow up before this point, if he can (it's possible). So dont "tech" prematurely and be forced to mistech a second after.
edit: by "look for the grab always" I do NOT mean stand in shield spamming shield grab.
I mean taking obvious grab oportunities like messes up tech skill
or a spaced aerial on shield -> dash back that baited a punishable reaction out
a badly DI'd ftilt at lower percents that the best followup is actually grab and so on.
look for grab means that grab is the goal of neutral and the exchanges of neutral, when possible