Everything in OM is run independently from Smogon's standard for banning, thus it depends more on the metagame leader's philosophy on banning. I personally try to stay away from anything that would add a level of complexity that could make Balanced Hackmons take longer to explain to prospective new players. (I.E., banning OHKO moves instead of banning OHKO + No Guard, or banning perfect Wonder Guard Combos, or the complex bans proposed in the extreme stall debate).
With regards to trapping, I feel very similar to the sentiments articulated by Redless. Ability trapping's ban was in response to a team archetype wherein everyone ran Shadow Tag and the lead ran Trickscarf, instantly deciding the match based on the lead matchup.
Apologies for not keeping up with the Mold Breaker discussion. At this point I'd rather wait the week until X Y comes out than make any hasty decisions. That being said, It's great to see you back.