I think the fact that aegislash needs to change its move set to handle its checks and counters is reason not to ban it. Many pokemon do just that and forces the meta to adapt and evolve and there's nothing wrong with this in my opinion. Also head-smash only does 65-73 percent, coming from an adamant max attack aegislash, to a max hp, max defense mandibuzz in this case, mandibuzz is faster and can either OHKO with foul play, do a lot of damage with knock off, or roost of the damage halving the next head smash.(Also, head smash doesn't have to best accuracy either.) So all in all, head smash is a bad way to deal with mandizbuzz. Also, this 50/50 argument for the pro-ban side is also a bad argument because what people are not realizing is that aegislash has the same risk/reweard chances as their opponent. Also king shield doesn't block status moves is thing to remember as well. So it's fair and even in my opinion.
There are also plenty of pokemon that can put aegislash at bay such as, heatran, rotom-wash, landorus(both formes), and venusaur. And niche pokemon like clefable, togekiss, and diggersby can check/counter aegislash as well.
Why is that? Pokemon who have to compromise their moveslots to deal with their checks/counters usually do so at a significant cost to its overall effectiveness. Aegislash's sets that deal with its most common checks are no less potent than the standard mixed shadow ball set. Aegislash isn't comparable to something obscure like grass knot Bisharp to deal with Quagsire. Aegislash maims its checks with relative ease.
In regard to head smash vs mandibuzz, being able to 2hko it is all aegislash needs. Mandibuzz is a pretty telegraphed switch in to Aegislash since nothing else can generally switch in as safely as mandibuzz, so betting on the switch to mandibuzz and head smashing would be a pretty safe gamble, most of the time.