If Tryndamere's ult would be useless in a wide range of scenarios if it couldn't be cast while CCed.
It's worth noting it only prevents damage if he's dropped below 1 HP. It's not something like Kayle's Ult where activating it right before you're hit is optimal. The optimal usage for Tryndamere's ult is getting it to fire up 1 frame before he'd be KOed, which usually happens when some disables are in play and will pretty much always happen in any large-scale teamfight.
It's also worth looking at the impact on Tryndamere's overall stratagy such a change would have.
Major change is that Tryndamere would move from one of the worst team fighters in the game that can occasionally participate in team fights, to simply the worst team fighter in the game that never wants to team fight under any circumstance.
In a 5v5 team game, having a champion that wants to go solo 100% of the time is not optimal.
Such a change would also do fairly little in a lot of 1v1 situations where Tryndamere is already a huge pain in the neck to deal with.
It would certainly help some champions deal with him, but overall it wouldn't be a major change. CC is easy to keep track of in a 1v1 fight.
Finally: such a change would do nothing to Tryndamere's capacity to Rage while performing back-door Tank'n'Spank duties on a tower.
In all likelyhood, such a change would make using his ultimate in this way the most optimal way to use Tryndamere's ultimate, which is not a fun direction to push his kit's power for anyone. Not exciting as Trynd, not fun for his teammates, a huge pain in the butt for his enemies.
Anyways: I only really see negative impacts from chaging Tryndamere's ultimate in such a way.
Also, Tryndamere has rarely been strong enough to deserve nerfs.
His kit has a lot of issues, and he's rarely been at the top of the meta.