Here is the Ad Meta for any Ad champion:

It's generally more

What you're saying should be true, but armor penetration got nerffed extremely hard at the beginning of this season, ruining a lot of AD caster builds and leaving a wide range of assassins with no good itemization path.
Seasons 3 through 5 a
with masteries offered 55%+30 armor penetration, and 50%+50 is needed to deal double damage (assuming 100 armor).
gets to 75 armor from bases, and with runes and masteries it wasn't uncommon for squishies to get to 100: which allows armor penetration to be a fatnastic secondary damage multiplier for AD Burst that was on-par with IE Crits for marksman.
Now 40 armor pen with 3 items and
needing 6 stacks rather than 4 is pretty awful.
only working on bonus armor makes it completly useless as a damage amp vs. squishy targets as well, puncturing maybe 10 armor due to some hardcore runes/masteries.
Really forces a lot of assassins consider surviving long enough to do twice as much damage over building twice as much damage to do twice as much damage, and with armor and HP offering immediate returns along with respectable damage from fighter itemization, the tanky assassin shenanigans have been born.
AP can generally pull it off more effectively but still: neither assassin path has a dedicated set of items, where tanks, fighters, marksman, mages, and supports all have a pretty solid selection to choose from.
Assassins just have Duskblade and Lich Bane, and that's it.
The problem with Tanks right now like Volibear, Maokai, is that Grievous wounds doesn't impact their healing capabilities.
The problem with Maokai is more that Maokai does everything a tank needs to do, which is why he's frequently surfaced at the top of the competative scene every year.
Volibear is more a result of fighter itemization being added this season that's really solid, Volibear largely being the average tanky DPS champion, and fighter itemization resonating more with him than anyone else due to it offering exactly what the average fighter needs.
Grievous wounds was awful in seasons 3~5 in regards to countering Voli and Maokai, what with Ex Calling and Ignite being the only 2 tools there, and Ex Calling being arguably the worst item in the game for that time span. Considering Ex Calling is actually worth purchasing this season, applies the debuff for twice as long, is less than half the price, and has a solid upgrade:
I wouldn't blame GW being 20% weaker as the reason either of those champions are doing well.
Major issue with GW is also that it's rarely useful on more than 1 champion on an opponent's team rather than it not being useful vs. that champion as well.
Sucks to get GW applied as a Mundo, Swain, Vlad, Voli, Soraka, Sona, Taric, Nami, etc.
It just isn't really noticeable for everyone else, as health sustain is either to low to do anything mid-combat for the vast majority of the roster, or any HP sustain is mostly geared to being used between fights where GW is incapable of doing anything to stop it.
Sustain For Ad champion and Tanks are over the chart.
Not compared to other seasons.
They're very much within the chart.
Lower part of the chart if you take into account some of the shenanigans in seasons 1 and 2, though other seasons have had their fair share of sustain-monster fun.
Not exactly 15% life-steal on vamp scepter, 100% life-steal on Sion's ult, Force of Nature's %max HP regen, and spell vamp not being stackable levels of WTF, but still.