Can Olaf do less damage?

I've seen Olaf picked a lot recently. And it seems every game he's in he dominates. Picks up ghost, ults into the team with a full tank build, and walks out doing insane damage. I remember back in season 2 this was a serious issue. He could ult away, and do a lot of damage without really having to build for it. It seems these days he's just using the scaling from his health (It's on his W I think) and just destroying people while getting axe resets while chasing.

Can something be done about the amount of damage he is able to do with straight health items? It seems a little on the strong side right now. I thought vikings used axes and shit, not wear 5 layers of armor