Well, of course it's not Smash Bros, but the things that are banned in Smash are all reasonable (at least in melee, I don't pay a whole lot of attention to competitive smash 4, though its ruleset seems justified to me.)
As a competitive community, we need to be prepared to find and modify or ban things that bring up problems in competitive play. Balance issues are extremely likely to come up in Splatoon, as it's a game mostly designed for casual play. There could be parts of the game that just don't really work for competitive play. And that's fine. But we should be prepared for these things.