well, hp stacking is countered by Botrk and bloodrazor msotly, and a bit by liandrie's, and alot champs also use %hp damage(and Fiora can still take ~70% of his hp with her ult in no time come to lategame)
But mostly, even with alot hp, damage overall is hihg enough to burn through him even without %hp damage, while he and his kit are rather easy to avoid.
Though whats quite absurd is his interaction with hp scaleing items. Titanic hydra deals absurd damage later on with him, grasp actually scales to good damage and is worth takeing, and ZZrot'S voidlings rip towers apart like nothing.
And his Ult with fulltank built deals as much damage as AP cho's ult.
He's probably still to unreliable for hogher elos, but i can totally see how he causes frustration in lower elos.