Underrated? Understatement ._.
Ursaring deserves to be BL, because the thing is just too strong. Its Defensive Stats are just as good as, even
better, in some cases, than some OUs. Its Attack is also off the chart, surpassing the mighty Heracross and Medicham, equalling the Attack of
Kingler and
Ho-Oh, and just slightly below Metagross, Tyranitar, Dragonite, and Salamence. How's that for good?
Also, being a Normal Type has its advantages. First off, it gives it that one weakness people seem to adore on Kingdra, meaning that you're not going to have a high chance of an OHKO on Ursaring. Plus, the resistance to Ghost is very nice. I.e., Celebi vs. Medicham. What else is Medicham going to use besides Shadow Ball? So switch to Ursaring, and Dance on the switch-out. Even Skarmory will have difficulty coping with a neutrally damaging Attack from Ursaring. In fact, Focus Punch could very easily just KO it. Skarmory's main role is PHazing, so that's most likely what it'll do as soon as it switches in, as your foe is smart enough to realize leaving an Ursaring with +2 Attack is the height of folly. Your response to that should be a Focus Punch, of course, as Focus Punch always hits before a PHaze will. And if you don't OHKO it, you'll definitely take a huge chunk out of its HP Bar. If the next Pokémon is faster(if you're slower, it'll just Rest it off), you'll be able to finish it off(assuming it doesn't switch, which is a likely scenario. And even then, it'll be tough switching a wounded Skarmory into play).
I think the biggest problem with Ursaring is that it's too situational. You've got a horribly low chance of getting Guts + Facade + Swords Dance(1, 2, or 3). If you do, gg. If you don't, don't be surprised. Ursaring's Defenses may not be horrific, but it's not going to survive most powerful Attacks. It's kill or get killed with the big bear.
The best strategy for Ursaring usage is with Ninjask and Magneton. Play around for a while, switch in someting Physical(Heracross is probably the best Skarmbait). They switch in Skarmory, you switch in Magneton. Ursaring's(and Ninjask's, to a lesser extent(PHaze)) biggest threat is now gone =) Switch to Ninjask whenever you feel it's safe(CB EQ, for one). Set up a Sub on the switch, and, more importantly, Swords Dance as your Sub is broken. Stall until you have enough Speed stockpiled to give Ursaring a nice boost. Again, you may need to predict a bit to get Ursaring into play. Or, if you're lucky, your foe will use some weak/non-damaging move that won't break the Sub, clearing the way for the BP to Ursaring. With a heck of a lot of Speed and a good Attack boost, not much is going to hurt you. I suppose Deo E could pose some problems, since you definitely won't outspeed that, but it's not that strong before CMing up, so you can probably OHKO it anyhow.
Also, S-H-U-P-P-E-T, unless you have something worthwhile to say, don't respond, because without reasoning, your point is about as weak as a Charizard

Look at my explanation, and compare it to yours. Which gets the point across better?
~*CB*~
The 8th Champion