@Riot If Black Cleaver provides too much anti-squishy and anti-tank in one item, what about BoRK?
was meant to be a way to counter health stacking when it was first introduced. Now we see many champions such as Zed, Irelia and Vayne building it regardless of who they end up fighting on the enemy team or what they're building.
Part of this problem is that the active is too multi-purpose: Marksmen want it to kite harder, AD assassins want it to burst harder, and bruisers want it to stick and burst harder. Few champs buy it specifically for its %current HP damage - for most, it might as well be flat on-hit physical damage. That's not to say the passive isn't powerful - just that it's a little odd that the item that has %current HP damage is so often used against low HP targets.
I feel like Blade is hindered by the fact that it does so many things. Buying it doesn't feel like a conscious decision of "the enemy has a lot of HP, I should get BoRK," it feels like "BoRK is powerful on my champion, so I will buy BoRK." Personally, I'd like to see BoRK's buildpath changed from Cutlass, its passive improved, maybe given some flat armor pen (similar to Liandry's) and the active and lifesteal shifted onto another, different item.