In my opinion (bear with me here), instead of nerfing Bayo, Sakurai should buff every other character. What if every character had at least a 0 to 50 combo. In my opinion, the game would be more fun. Respond with your own ideas for balancing Ultimate!
The idea of no nerfs sounds like the most ideal scenario on paper until you come to the point of power creep. And no, this doesn't just mean newer characters being better than older ones, but the scenario where the basal systems of the game are not adjusted to work with the buffs you put in place.
An example of something that seems like power creep but is not; there is this amazing game (at least imo) known as Awesomenauts. It is a platformer/MOBA hybrid. The game worked off of small numbers for calculations like damage and health, usually in the 10's, rarely reaching the 100's. Some years ago, they multiplied all of their health and damage values by 10, so a character with 90 health had 900 and so on. The reason this is not power creep is solely because the systems that the game revolves around were accommodated for thoroughly; every character was affected the exact same and even after this monumental number change, the game played exactly the same.
If you buff every character without changing the systems of the game, eventually those buffs will not be in line with how the game is designed. For example, because of Smash 4's hitstun cancelling, in order to get true combos for basically everyone involves making moves a LOT faster both in startup and endlag to counteract the lack of hitstun. This in turn makes more moves much safer and will slowly turn the game into more of a neutral spacing game than it already is. This is only one example of many and is one that is off the top of my head.
Do not be afraid of nerfs. Welcome them. A good game balancer understands nerfs' importance. A great game balancer understands how to nerf without compromising their character's design.
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For an example of a good nerf and bad nerf, let's use Smash 4 Marth, who is a top tier character. If the Smash balance team wanted to nerf him, which they would be justified in doing, how should they do it? Good and bad:
Bad nerf: Lower the damage and potency of his tipper attacks, lowering their damage racking ability and kill power
This ruins a lot of why people play Marth and like him in the first place. It also ruins the integrity of his design, because his frame data overall is subpar compared to other combo-centric characters BECAUSE of his tipper mechanic and range. It's a twofold symphony of suck.
Good nerf: Lower the priority and damage of his sourspots on the blade, making them significantly less safe and able to be challenged by short range characters
This is far better since it exemplifies what bad trait Marth has already, thus not harming the integrity of his design, at least in comparison (if you removed sourspot damage, of course it would mean more, but that's an extreme example). It also solidifies matchup problems with Marth that are clearly intended to the players, both the Marth players and the opponents of said Marths. Kirby mains want to stay inside his weak zone more and Marths want him out. The dynamic of the matchup is more interesting as a result.
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The general gist is to nerf based on weaknesses rather than nerfing strengths. Other bad nerfs include nerfing Kirby's combo potential, Duck Hunt's projectile game, Bowser's power, Corrin's mindgame ability and range, and Bayonetta's ability to string together zoning and combos. Nerf them in other ways that do not interfere with why people like these characters' playstyles to begin with.
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I actually have a series of rebalancing/redesigning threads I am doing right now for Smash Ultimate if you want to see them. They mostly involve low tier characters, but I will be getting to how I would respectfully nerf higher tier characters like Ryu, Sheik, Bayonetta, and Marth soon enough. These are who I have so far:
Redesign/Rebalance threads
Samus
Jigglypuff
Bowser
Zelda
Pichu
Roy
King Dedede
Olimar