I don't think you realize how good his recovery is if you DI properly, especially since he can just do normal air glide tosses and throw lots of projectiles to cover his descent. His tether is also extremely powerful, like most tethers, at making him resistant against gimps. Mixed up with his up B, its very hard to keep TL from sweetspotting. He can also go quite far offstage, unlike most melee top tiers.
Fox/Falcon/Falco/Sheik/Marth/Doc/ICs still managed fine in melee, and they all have worse recoveries than TL imo.
If someone shot a laser to interrupt his bomb jumping (which is MUCH faster and so much harder to stop than links bomb jump in melee) then they would have to go below the stage most times, and the TL could just react and up b into it, and then bomb jump for even more height.
And please don't suggest "shines", bacon and GRENADES as a good edge guard against TL.
Most projectile edgeguards require quite some set up, and often limits you to standing on stage. TL would in the majority of cases make it back to the stage just fine, and then the opponent would have to swat away him, through his barrage of projectiles, and THEN go back on stage and setup a projectile edgeguard, when most characters couldn't make it back anyway if TL is forced to bomb jump.
TL could also do the bomb jumps high, which makes them impossible to stop.