false, and I really hate this type of thinking despite it being incredibly common on the boards. I'm not mad at you, but let me explain:
A champion's strength is determined by statistics, numbers. As of right now Gnar sits at 49.84% winrate with a 5% play rate. Those numbers are not even remotely OP. They aren't unviable, but they show that Gnar is now out of place from an actual balance perspective.
What you and so many others among the boards do is confuse toxic or unfun gameplay with being op. Syndra is another great example of this as she sits at a 47.98% win rate w/ 6.74% play rate.
Gnar with Frozen Mallet is not fun. It's toxic and creates an unfair atmosphere. But even with that toxic gameplay he sits with those sub-par to moderately-strong statistics, despite Frozen Mallet being incorporated in both his most common and his most successful builds.
If you think Frozen Mallet is such a problem and wish to remove it without any compensation, you should recognize that you, from your very own reasoning that Mallet is op, would be gutting a champion that barely gets by even with abusing the item.
So this leads us to a very simple question to ask, but usually a pretty difficult question to answer:
How would you compensate Gnar, if you were granted the nerf or removal of Frozen Mallet?