Rengar is...
Over-performing:
- In the wrong role
- With the wrong Keystone
- With the wrong build
Generally, this sort of thing is frowned upon and adjusted rather quickly. Let's hope it gets fixed soon.
There's no reason Pyke should get destroyed after a single patch where he managed to perform in an assassin's role with the right kinds of items, while another popular champion with the same slipperiness gets to break three of Riot's design policies.
Other examples would include Ekko and Fizz tank jungle, Viktor and Karma tank top, Ezreal with a jungle item mid, etc. Different champions have different positions, strengths, and weaknesses to make the game fair. When you can just take a champion and build them completely wrong because their kit compensates for anything that should be a weakness/mistake, there's an issue.
Edit: My suggestions would include:
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Giving his bush-jumping a per-bush cooldown. Not a two and a half minute cooldown like Talon's jump, but something like a minute would be reasonable to keep him from being able to spam it top but still able to use it in the jungle.
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Alongside that, so it doesn't become too weak in the jungle, increase the amount of time before his Fury decays up from 8 seconds to maybe 16-20, but only if you've attacked a monster in the last 20 seconds.
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And remove the AP scaling of his W. It shouldn't be high enough to justify an entire item that goes against the rest of his build. Having any at all now that Trinity doesn't give AP isn't reasonable in the first place.