I dunno. A reflector without a grab doesn't do much versus Duck Hunt, for example, and many characters don't have projectiles to reflect. A command grab gives Mewtwo a new option versus any opponent. Lucario, Wario, Bowser, Ganondorf... their command grabs all work differently, but all those characters love using those moves. They're effective.
In Melee, Confusion wasn't a real reflector or a real command grab. It's only use was to try and gimp people by dragging people through the ledge, really. If they bring this move back, they ought to make it one or the other. Something needs to change, because in Melee it was so poorly designed that if you caught an opponent in the hitbox, they could act out of the hitstun before your animation even finished. At least that much has to change.
Edit
Mewtwo's Melee moveset was pretty good as-is. I think if they improve Confusion, the only move they really ought to change would be Disable. I like the idea of Disable, and it feels great pulling it off, but it's next to impossible to do so in a serious match. They could easily come up with something interesting for down B. Barrier is a popular choice, and I'd be okay with that.
I watched a bunch of videos of Melee Mewtwo the other night: Mew2King, Taj, and some people like PC Chris, Shiny Mewtwo, and others. Basically, whatever I could find on YouTube. Really, I like what I see. That's the Mewtwo I mained in Melee, and he still looks pretty good. Mewtwo's shorter tail in Smash 4 has me a bit worried, though. If they keep his same moveset, and a lot of his best moves are still tail attacks, a smaller tail kind of sucks. On the other hand, if they give Mewtwo more Psychic powers instead of tail whips, I'd be okay with that, since that would imply a hitbox without a hurtbox.