Nash needed more to compete.
I think he's still pretty good left untouched.
I feel he could still use some refinement.
Firstly, he's way too one dimension.
3f LK brings him in line with a lot of the characters but movement speed is still a problem. There's no incentive to dash unless your opponent sucks, you get punished or you walk slowly and get jumped on.
Psycho axe slowed by 2f, limbs with extended hurt boxes. It's a very weak neutral tool unless you can have your opponents sit there and do nothing.
There's just a very limited amount of offensive options to the few defense options he has already. That's why you see so many people gunning to EX-DR onto people's heads for frame advantage and mobility. It's expensive and 2/3 of the time you block it and feel no sweat.