That's the point.
We have nerfed him so many times throughout the course of this game that it's basically child abuse.
He isn't that amazing and he definitely isn't overpowered. He takes far too much risk to use with barely any payoff unless you really, really know how to use him.
How can you compare cole and sackboy?
In terms of balanced characters. Both of them have an answer to pretty much everything...they have good supers and build meter pretty well.