I think he has a lot going for him besides the chaingrab and spamming Waddle Dees. Of course his recovery combined with his weight class goes without saying, but I think the fact he's a power character with great aerial flexibility as well as all around highly effective aerial attacks, as well as a lot of what I like to see as "stalling" tactics is worth mentioning too.
I think a very underestimated potential tactic is the more indirect uses of the Waddle Dee move. Throwing them as a straightforward projectile is one use yeah, but I think the fact those things can actually act as a block against a lot of other projectile attacks as well as other attacks too (aside from a few annoying ones like Wolf's laser) is something worth mentioning. I think Waddle Doo is a pretty underestimated option. Of course we all know it gives you a free forward smash if the beam hits, but as well as that it gives the opponent a momentary distraction if you play your cards right and stick around it. I think giving your opponent even a little split in their concentration on you could give you something.
I could probably go on but I'll probably start sounding like a bag of hot air, if I'm not already, so to cut to the chase I think it's actually not doing anyone who wants to use this guy a favor by just relying and centering everything on the chaingrab. Yeah you can argue it's efficient against those it works on, but I think it's like playing half a character you know? It's not like the character would suck without it.