Ok, couple of things.
@S V - Yes Malzahar is a low skill cap champion who just flash ults. Why is that? Riot has systematically taken away any skill or usefulness in his other abilities. His voidlings? Turned into a spam ability. Q damage? Trashed. E damage? Trashed. Ult? still trashed but that suppress... You speak of high risk high reward, but in the current meta, being immobile is the highest risk possible. Having no burst is also a major risk. Malz has both of these. Does he need a buff? No, as Skaarl says, he needs a full update. Until that can be done, he should have a short term fix and reverting him to his pre 2016 rework is the best/easiest/quickest way to do this.
@Paroe - A revert would be good, but remember the reason he is in his current state is due to his ult. I can't see him being allowed to be anything more then a walking ult as long as that this exists.
For those that haven't realised, look back at the meta change, look at the changes that lead up to it. The top counter to hypermobile hypercarries was malzahar, with lissandra and annie also very strong at this. Taliyah's splash damage kept them on their toes. Junglers were also very strong in shutting these down alongside the aforementioned midlaners.
Want to see the #1 cause for the current meta of who can 1 shot fastest? It's the removal of these champions that have been in the game for YEARS as a stop-gap to prevent exactly the kind of mayhem we've seen recently.
You can call them low skill cap because they don't have a hundred dashes, need to hit all their abilities to do damage (thus having some point and click ones), and their build path is laid out for them by riot each game as standard (because there aren't really any options), but in the end they kept the game from breaking, they made most champions viable midlane; not just the zed's and yasuo's. Without them you've got S8 summer split... a chaos that has lead to even pro players and youtubers loyal to riot for years actually quitting the game.
-- Loki --