I agree with most of what you've said, except some things.
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but then she's toxic cause you can't catch her. THEN Riot nerfs her out of solo-lane viability, but her supporting is as bad as it was before the nerfs anyway. What did we accomplish? All we did was dumpster Lulu.
Lulu trades threat for safety, and frankly, if you think lulu is hard to catch, have you ever played against le broken or ahri? and best part is? They don't trade threat for safety, they gain both.
Solo lane lulu isn't toxic, she was op at some points but hasn't been there for a while, the bruiser circlejerk hates her like they do with all ranged top laners, frankly I'd rather deal with lulu top than top quinn, as far as mid lane goes, she's mostly hated by assassins, who quite frankly: are hard to sympathize with.
Also worth noting that riot said they aren't trying to remove lulu from the solo lanes, they even wanted to buff her q ap ratios, but then decided not to do so, sure they might be lying, but I don't see a reason for them to do so in this case.
- With that said, Lulu stands at about a 47% win rate with about a 7%-8% pick rate from Gold to Diamond, slightly increasing as you go up. All her lanes are about even in power in her current state, but that power is very low throughout.
Thing is that a lot of lulus max q first, which is just flat our wrong at the moment, also a lot of new players started playing her after the changes, and with new itemization it's not very clear what her optimal build is, so there's a lot of experimentation, now I'm not a fan of winrates as a measure of power anyway, but if you insist on going by them you are gonna have to give them more time to settle down on more appropriate skill orders and builds.
But even if lulu comes out strong out of this mess, would anyone even be happy? Old lulu was a poke support, "new" lulu spams shield on her carry like a retard, that's not what lulu is about, is it?