He's still performing okay.
His abilities are on high cooldown because he's an auto attacker, meaning he doesn't need to rely that much of his power budget onto them.
His Q gets reduced by auto attacks, and also temporarily makes him untargetable. Fizz is super hated by the community for his low cooldown E, so while Alpha Strike is easily more balance able and is less extreme than Playful/Trickster, too much of a CD buff can easily turn obnoxious.
His Meditate should not be used as a spam skill. It's good that its so high so that it avoids making his sustain obnoxious or makes him more capable of tanking through fights, both things Master Yi should not be known for.
His Wuju Style and Highlander are literally titanic stat check abilities. It's faaaaaar more balanced that he has windows of power and weakness due to the high cooldown of these abilities for its very simplistic raw power.