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Uh, people didn't say ban Sheik even though she could camp, rule the neutral with her throw game, and had a 50/50 guaranteed combo at high percents to close the stock.
But let's be constructive:
Zelda is a flawed character, having to rely on high risk/high reward moves, as you described. She has several terrible moves and a couple extremely powerful but risky moves. This is bad design, I think most of the Smash community can agree.
Bayonetta has moves that yes, are hard to punish, but they're also laggy and one even leaves her open if she misses.
One of her combo starters is also predictable and easy to block.
Her Witch Time is much less effective at lower percents or used more than twice.
Her jab isn't all that good. Her recovery is pretty amazing though, that could be nerfed a little, but it's still a little predictable.
I'll just say that her recovery and her Witch Time could be slightly nerfed, but to say she needs explicit balancing is a bit much if you ask me.
I mean, just watching the recent videos of Pink Fresh's Bayonetta, for example, it's not like it was easy, he still had to have skill to pull off those wins. Or are you saying it wasn't the result of many hours spent practicing, as well as skill?
Mario has super fast aerials and smash attacks, a guaranteed combo at low percents on fastfallers, a reflector, a decent projectile, a walljump, at least three effective options for edgeguarding, and a decent recovery. How is that not around the same level as Bayo?
Rosalina can nullify projectiles and act out of a jab with any move. May I say that again? Yeah, she can get free smashes in. Just like Bayo. But hers aren't limited like Bayo's.
I just don't understand how someone could suggest banning a character who's clearly not broken in any way.
tl;dr Bayo could take a couple slight nerfs, but she's definitely not broken. It's just silly to think that.