(Disclaimer: wall of text incoming. You want the full justification of my previous statement, you'll get it...)
Could Morde be in a better state than he currently is? Sure...
- The XP passive feels out of place now that Morde is mainly played in Solo lanes (I tried to make Morde Bot a thing, I really tried, but I couldn't make it alone...)
- The Dragon Ghost is really fun but kinda gimmicky (just like Azir tower or Corky package, IMHO. I don't understand why they put such big passive but with also such huge CD... But it's a topic that deserves a full thread of its own.)
- Even if it's much better than pre-rework, he still has a bit of an issue where if he gets ahead, he can build more damage, get more shield out of it, and become unkillable. As a consequence, he can't have the tools to outplay someone and actually get ahead in the early game.
- Most important of all, his R is kinda holding him back. This single spell has the power to win a game just by itself. Even if Morde was dumpstered all game long, one good R on their carry past 35 minutes, and you won the game. You don't even need to kill the carry yourself, your team can do the job, you just have to tag them with R. As long as there is so much power locked up in this spell, Morde can't have an impactful and interesting kit alongside.
But in the end, these are not insurmountable issues, and Morde is still perfectly viable today at most ELOs. He could be in a better state, but he is not in a bad state.
- He is NOT kept purposefully weak because he is NOT currently impossible to balance (contrary to Kalista/Azir/Aatrox/etc.).
- Partly due to the previous point, he has a decent winrate in the hands of an experienced player, and on top of that, he is kinda strong against a lot of champions currently popular.
- He has a clear strategic niche and a reason to be taken over other similar champs: his R, despite all the problems it causes, makes him a very good pick against a lot of hyper-carry short-range AD champs like Vayne, Yasuo, Master Yi, ... Alternatively, he synergyzes very well with a lot of hard engage champs with his W. There are clearly good and bad situation, he is not just a generic champ with a straightforward kit.
So, I really like the champ and his theme, and it could be executed much better, so I'm curious about what he could become after a full VGU, hell yeah. But does he need one just right now above anyone else? Definitely not.
P.S.: I'm not as knowledgeable about Urgot, so I won't go into details, but I believe his situation is pretty similar: he has intrinsic issues in his kit that he can't get rid off without a VGU, and he could be much cooler than he currently is, but despite these issues, he is still viable and has a clearly defined niche, so he should not be as high a priority as many other champions.