You don't see how people think Meta Knight is bad?
As you just said yourself, gimping with meta knight is no longer a good option, because of the new ledge mechanics. He has arguably one of the worst ledge camping options on the game, considering none of his moves can safely target people grabbing a ledge, unless you want to be heavily punished yourself (Upb someone holding on to a ledge).
We already know his kill moves are overall pretty bad, where his Upb is by far his most reliable one, which again suffers from easy punishments (Like literally every special of meta knight).
Meta Knight's ground approach game is surprisingly good in this game, i'll give him that. He's got the speed, dash attack and grab. However, his airgame is completely garbage, with his short range areals that doesn't cover his sides at all, only a very small area in the direction he is attacking (this is an absolute glaring weakness). Couple this with no lingering hitboxes and huge landing lag on all areals except his UpA, which you naturally cannot approach with, as well as being outprioritized by most down airs in the game.
Jabs are also an important tool to most characters in this game. Sadly, Meta knight's jab is very rarely worth it, considering the ending lag is massive (since you are always forced through the entire animation) and results in something our knight in shining armor is very fond of in this game. Punish.
His tilts? Well, his uptilt is decent, but as most moves, covers only directly above him, giving it little usage. ftilts range is too short to be considering "good", since you cannot combo or kill with it. Also carries a pretty hefty lag as well. dtilt is admittedly pretty good, especially with it's innate property of tripping, but suffers from a very short range, killing a lot of it's potential.
As we all know, meta knight has no projectiles either, very often forcing him do the approaching (Not complaining, just pointing this out). He's also very light, which makes KO'ing him at low percentages fairly common. I'd like to think I have covered most of his biggest weaknesses, which is why most people consider him pretty low in power level.
Naturally, i've left out most of his strengths here, because the point here was to shed light onto why many consideres him weak. To avoid sounding really biased (which I know i've managed), I shall point out his main strengths.
Very good dash attack, ground speed and dthrow comboing safely comboing in a wide number of %'s. Superb recovery, along with his 6 jumps and teleport making him very slippery to hit in the air. Mach tornado and dimensional cape functioning as excellent punish moves. Shuttle loop (as much as a double edged sword that is).