I used to be like you, young and naive. And then, one day, I sat down and said, "You know what? I hate myself. I'm going to get rank 7 on Karthus."
Seriously though, he's fair because his ult only does that damage at 40+ minutes consistently assuming people didn't just go full tank or build a maw. There is also a sizable buildup for it so you can prepare to dodge it or shield/heal up. At level 6, his ultimate will do about 180-200 damage on a 3 minute cooldown. It grows to about 320-400 in the mid game and late game it can do 700-1000 depending on how fed you are or what your build consists of.
Karthus is pretty balanced AND a pretty decent skill requiring champion, too.