There's talk about banning Steve in tournaments, which strictly in a competive sense, they probably should at this point. I wasn't for banning him earlier because I figured the meta could still balance out a bit, but now, he might be a bit broken. This is especially considering that he can now avoid multi-hit moves, and banning tech doesn't seem 100% feasible. I don't see the developers adding another patch, so it may be what they have to do at this point. I think banning characters outright can be a bit tricky. Too early and you don't know if people will learn the match-up, too late and people who mained them will be upset they have invested in a character they can no longer play.
Keep in mind that my knowledge of the competitive scene is a bit limited, so take what I say lightly.