Except it's not. It is immune to Dragon, yes. But weak to Steel and Poison. Especially Steel. Because Scizor.
Being weak to Bullet Punch isn't a death sentence, especially since the type isn't weak to Stealth Rock. Fairy resists the two most offensively powerful types in the game, is only weak to 2 very uncommon types otherwise (seriously, covering the steel weakness is NOT a problem), and has superb neutral coverage otherwise. It won't be broken, but it's shaping up to be a damn good type for sure, possibly around the Water or Fire-type level.
Now all that's left is to see what types were reclassified! I'm thinking I'll probably go ahead and start weaning myself off of spoilers since I want to explore the region on my own this gen. It'll be the first time going into it blind since Gen 3, my favorite generation.