My personal issue with stealth isn't with how some of its counters got removed, but with how that happened without properly reevaluating the gameplay of invisibility champions. We're seeing a ton of threads popping up that complain about Kha'Zix and his ult stealth, for example, but what changed recently wasn't his stealth, but his damage. Because of this, I think people are focusing on the wrong issue here: the problem with Kha'Zix isn't entirely the fact that he can remain stealthed across the whole map, but that he can deal enough upfront damage to one-shot certain champions from this invisibility, effectively providing no moment throughout the very brief fight against him where his victim could outplay him.
Because of this, I think what needs to change first and foremost are problem stealth champions, before invisibility as a system. Kha'Zix is first in line, and what he needs more than anything else, imo, is to no longer be able to front-load his burst. Once he starts taking even a little bit of time to allow his opponent to react, he'd become a lot healthier to deal with, including with his invisibility. Additionally, I'd probably change Duskblade, whose innate burst has rarely ever been healthy, and whose damage tends to auto-reward stealth champions just for having invisibility, instead of providing actual gameplay.
At the end of the day, stealth is a means of shifting counterplay to a different point in a fight, so that the stealth champion can exert a measure of control at crucial moments over when and how they want to fight. What this implies is that, if a champion can essentially operate without counterplay at certain points, they should offer exceptionally effective counterplay elsewhere in a fight. This doesn't always have to be delays, but it should give whoever's on the receiving end a proper chance to react, and even fight back. To me, the problem with implementing item counters to stealth is that it's not particularly deep: once you get the itemized counter, e.g. a pink ward, sweeper, etc. back when it revealed stealth, your opponent no longer has stealth, and so loses out on a ton of power just because you spent some gold or used a cooldown. I don't like camouflage either because two of the three champions who use it can circumvent its reveal radius (Rengar's leap outranges his reveal radius, and so does Twitch's own range steroid), and in the end it still means you can get one-shot if the champion has Flash or some other gapcloser. As such, if stealth is to have counters, they should a) be available to all, without requiring players to rush a counter item or counter pick just to interact, and b) be fair for both parties. Increasing the duration of the shimmer upon taking damage, or even changing it to a full temporary reveal, for example, could be effective ways of ratting out stealth champions who got predicted by their opponents.