Either
because Riot refuses to change him or
because she's impossible to itemize against (and often unbeatable in duels, if you don't have the CC and damage to prevent her lifesteal and excessively high damage).
inb4
"
Vayne is weak in wane, youw're bad ad dis game, her wainge is so wowe, u suck"
She has her weaknesses, but once she has
and her ultimate, she's overbearingly powerful in terms of damage done and dueling (again, with the exception of high-CC, high-damage characters, such as some assassins and mages with strong CC, like
). I don't like playing against a champion that you can't build any effective defenses against (I find
's passive ult armor pen to be similarly problematic, but he doesn't have %max health damage); I hate her W more than any other ability/passive in the game.