If you drop the superiority complex for a second and think about what I'm saying you might realize that I have a point.
The interaction this item has with true damage is wrong. It needs to be changed somehow. How that is done I don't really care. It can be made to reduce true damage, or it can be changed to not be a huge HP steroid. Or hell, even Cho'Gath could individually be changed so that his Ult doesn't get that special scaling from active items and abilities that temporarily increase HP. It could be called temporary HP, as a new form of HP similar to shielding but still counting as HP in most cases. Except cases like Cho'Gath where they break the game with a particular mechanic that scales off of HP.
There are still plenty of other tank items that are good now. Even if this one item's interaction were lost, it wouldn't revert tanks to their previous state of trash tier.