As it stands, this is a low point in the metagame to me. Releases and fallout will do that, but I think there's some room to go until we hit a better metagame. I’m very excited to get there and think each move will unlock a gold amount of progress.
Ursaluna-Bloodmoon outright dictates the fate of archetypes, constricting the builder to unreasonable degrees. Wanna run balance? You’re stuck using passivemons like SubProt Gliscor, CM Unaware Clef, CM Cress, or even Blissey if you don’t want to dive deep into the realms of lower tiers. Wanna run stall? Better hope it’s not the wrong set and you’re still packing CM Blissey almost always, if not normal Blissey + CM Unaware Clef to cover the set mix. Wanna run offense? Bit more feasible, but you’re still reading 1.5-2 Pokemon for it if you can’t keep pressure up perfectly or potentially time Teras. This thing absolutely has to go.
Beyond this, there are still some demons that plague us. To me, Roaring Moon is one of the lowkey broken things we see right now. Very few things check DD Tera Fly consistently. With attack booster and potentially Tera, it can outmuscle Dondozo, PDef Unaware Clef, and Tusk, who it hits super effectively. Taunt can further annihilate stall by stopping Gliscor’s Toxic while BB/EQ hits things like Kingambit, Garg, and Heatran hard. Knock Off is also a huge selling point as it makes Zapdos less reliable into it and helps the team in general while maintaining a presence as a strong STAB option. I feel like hyper offense frequents Moon and it’s because of the lack of true countess. It’s nowhere near as broken as Bloodmoon, but it’s definitely discussion worthy.
Other things I find to be worth discussing are Kingambit, Manaphy, Gliscor, and Wellspring. Kingambit was broken before imo and not much has changed beyond the allocation of EVs/Tera/fourth move — it’s similarly potent in my eyes. Manaphy hasn’t troubled me too much and I cannot speak to wanting it banned as I don’t personally, but I know it registers for many others. Gliscor I find more annoying than broken, but I think it’s gaining some steam and should remain in talks. And finally Wellspring has blossomed nicely and while we see more adaptations to it and Tera against it, we should keep in mind the impact it has on our teams and play.