For me, this is one of those weird occasions when I really did not believe that Hoopa was in anyway broken, despite using a variety of teams and playstyles. No matter what, I find myself having an answer to every set on pretty much every playstyle, and then the specs set became popular. Suddenly, I found Hoopa to actually becom slightly over centralising, with it appearing on every other team, and the majority of teams I've built almost becoming invalid overnight.
Beforehand, Hoopa was almost always physically based, and wasn't too difficult to answer (even though stall struggled, but was struggling anyway after the Goth ban). However, this specs set, as CBB aptly put, has pushed Hoopa over the edge for me, he plays very similar to Zard; when you see it come onto the screen, its so difficult to wall because the guessing game involved means that if you're wrong, you are almost guaranteed to lose a mon. Even when guessing right, you'd better hope it isn't specs, cause then whatever 'switch in' you provide, is gonna be gone the next time it switches in.
I would even argue that the 50/50s involved are parallel to the ones involved with Aegislash, one wrong guess and suddenly you're being swept by whichever sweeper its paired with. Having played a lot of balance and semi stall recently, I've found myself clicking x ten times in due to hoopa coming in on most mons and then taking out half my team while I attempt to do enough damage to remove it. Even playing HO and BO, Hoopa's naturally decent bulk means that it can stomach one hit and take one mon out, knowing that nothing on offence has the bulk to take a hit. In addition, the scarf set can tear unprepared offensive teams apart, with its naturally high stats and move base powers making it able to sweep frailer teams with relative ease.
Overall, despite Hoopa not having been that threatening throughout its time in the OU metagame, this specs set has been the final point for me. What are you genuinely stopping that thing with? It's parallel to the Greninja ban, in which it was considered too powerful because it could 2HKO everything (bar like Porygon2) depending on which set it was running, and its the same with Hoopa, except, the specs set actually does 2HKO everything. And even if you do bring in you're specially bulkiest mon to challenge Hoopa, either, you've already lost it because it was actually physical, or you've been smashed with a psyshock. The likes of Mandibuzz and Klefki (originally honorably mentioned as the only viable mons capable of mostly countering Hoopa), are beaten/crippled with Specs TBolt, or Banded Fire Punch respetively; not to mention neither of them appreciating being tricked into a choice item.
Yes, Hoopa is beatable, Tornadus/Scarf Jirachi/Scarf Lando/Scizor are everywhere and running U-turn, Hoopa will go down to that, not to mention the prevalence of pursuit trapping on teams, Ttar mainly, but I've seen a lot more of pursuit Scizor and Bisharp, almost primarly for Hoopa. However, Hoopa generally needs to have taken damage to be pursuit trapped, especially from support/scarfed Ttar, and Hoopa has the coverage moves to eliminate these trappers/scarfers as none of them really want to switch in. Therefore, I feel that the metagame was much more enjoyable before the fear of running teams with low base speeds, as we didn't have to sack a mon everytime a Hoopa team appears pretty much from the get go, as most people will lead their mon who can beat Hoopa, and a decent opponent will be able to counter that.
As a result of this, Hoopa ruins the chances of anyone wanting to play anything that's not BO or HO, which also are not safe and therefore think we'd have a much more enjoyable and freer metagame, were we to agree to Ban Hoopa-Unbound from OU.