IMO Iron Hands has got to go ASAP. It's stayed long enough and to me is clearly broken. I do two things in this post - talk through some games showing why I think Iron Hands is broken and then talk more generally about how Iron Hands lacks sufficient counterplay compared to other top UU threats.
The argument and the games
The stats are just absurd - it's bulkier than 252/0 Scream Tail on the physical side without a single EV in HP or Defense. It matches up far too well with most of the metagame with the Substitute + SD + Drain Punch + Ice Punch Tera Flying set alone, to say nothing of adding an extra move like Thunder Punch.
It can scare out basically any single physical attacker in the tier if we don't include Tera except like Donphan, Mimikyu, Gallade and Talonflame. Only Talonflame is particularly common, obviously none of these can hope to reliably switch into Iron Hands, and of course the strongest one, Talonflame, has the worst MU vs Iron Hands who doesn't even need Electric stab to kill it - it can just SD up and start killing Talon through the burn.
In this game, the opponent is basically dead by turn 6:
https://replay.pokemonshowdown.com/gen9uu-1791139140-lo4jk14u27506915xf7bx8z7tswo5g2pw
Okay, they didn't know Tera flying sub was set. We shouldn't punish Iron Hand for the opponent's ignorance. But is it reasonable for the game to basically end that early because they tried to use an otherwise good Iron Hand counter? I don't think so, the fact that Iron Hand can abuse it's counters so badly reminds me of Hydreigon dunking on whatever fairy type by using Tera Steel.
Is this a one off, a team that just happens to get dunked on by the set?
Not quite - basically every time you use Quagsire to try and counter Iron Hand, you are going to get wrecked, you're just wasting way too much time giving it free turns.
See this game:
https://replay.pokemonshowdown.com/gen9uu-1791156835
A semi stall team with CB Iron Hands makes absurd progress vs my team at first, which has extremely good countermeasures to Iron Hand (Scream, Gastro and Bramble) - granted it had to get an important early Freeze and a good predict on turn 11 for this to happen but nevertheless, it's just doing an extreme amount of work.
That is until it runs into...my own Iron Hands! Which proceeds to really just dismantle the opposing team. You can say the opponent's tera was a bit premature - the likely Fairy tera Altaria would have been good safety. But it wasn't a strictly bad tera , he clearly tried to kill the last threat I had and go for the win, there was obviously no "safe" option for him, Altaria was not yet Tera'd and can't risk dying to Ice Punch.
Whoops.
And in goes my Iron Hands, abusing his Blissey so badly he never, ever really can keep it in or else my Iron Hand gets a free sub and does way too much damage. For example it abuses it on turn 32, and again I can sacrifice the Brambleghast very freely vs Blissey in the sequence in the early turn 40s because I know Iron Hands will come in and wreck the opponent.
That's how powerful it is, I am happily sacking my pokemon and my opponent is very hesitant to get the KO on Bramble just because I want to get in Iron Hands safely.
Alright. Fine you say.
What about a less than ideal MU - sub flying Iron Hands after all is designed to get a maximum matchup vs Quagsire. What happens if they don't have Quagsire?
This is what happens
https://replay.pokemonshowdown.com/gen9uu-1791304787
Revenge killers like Lokix which revenges most sweepers in our tier can't penetrate Iron Hands bulk. Gengar which often revenges fighting types couldn't do enough damage either. Donphan which you might think would beat the physical Electric can't hope to counter given Ice Punch and EQ hitting Iron Hand's enormous bulk. And most impressively - the burn from Talonflame didn't even stop Iron Hands from sweeping. Who cares, just SD again and you are still at a boost.
Okay, obviously they made some mistakes like sacking Donphan hoping it would outspeed and the initial U-turn turn 26 was just a prediction that didn't work out. But these mistakes had logic to them, it's not like they were 100% wrong moves like clicking Hydro Pump when Surf is a 100% KO.
Moreover, the opponent did plenty of things right and they basically had to throw their entire team to get rid of an Iron Hands. This just screams the traditional "too strong/OP broken" and means for me Iron Hands should be banned.
These games did not all feature the best Iron Hand counter play though.
So what Iron Hands counter play is there?
Defensively, there's a few things
The bulky grounds: Hippowdon, Palossand, Quagsire and Gastrodon
The bulky flying types: Altaria, Talonflame and Salamence
The ghost grass: Brambleghast
The psychics/fairies: Scream Tail, Florges, Sylveon, (Tera) Altaria, (Tera) Slowbro/king, (tera) Salamence
Let's be super generous to people who want to keep Iron Hands in the tier and only look at one set, the one I used, Punching Gloves sub sd with Ice Punch and Drain punch.
Brambleghast does essentially nothing vs you and Altaria and Salamence obviously risk getting OHKOd so they are awful checks (but Alt can probably burn you at least).
Hippo and Palo take too much from +2 Ice Punch and can't OHKO back so they lose if they try to counter you although they can beat you 1v1 not including tera. Same for Gastro except it fears Drain more.
quagsire is interesting, it does get owned very badly as discussed above but it at least forces Iron Hands to tera if it's Unaware.
Scream Tail is our most relevant fairy and does very well against Iron Hands with a faster encore and taking zilch from Drain Punch. The Tera fairies all do extremely well versus Iron Hands but of course require an entire tera type to win - a tera type that was seen, but not particularly standard on any of these mons prior to Iron Hands might I add. Note that Slowbro/Slowking don't actually want to tera here because this set lacks an electric move but Slowking might actually lose to Iron Hands still since it doesn't break subs with Surf and Hands can tera it's weakness to Psychic away. Slowbro should be safer with Iron Press though.
Talonflame can generally burn Iron Hands but that may not be enough, as it's standard Flare Blitz / Brave Bird struggles to break even Iron Hands sub, and he can just SD away after getting burned to restore it's attack.
So out of this we have...Scream Tail and ID Slowbro are reliable counters to a SINGLE Iron Hands set and SINGLE tera type. It could CB Heavy Slam Screamy for a KO if he really wanted to using another set and obviously Slowbro fears Electric moves in general.
All of the other Pokemon either rely on Tera, which you simply can't rely on for a top threat in this meta, or generally lose if they try to switch in.
I mean this is still a bit better counter play than NP Sub Flash Cannon steel Hydreigon - which could easily flinch Blissey / annihilate Tinkaton so you had next to nothing honestly for it (Croc??).
But that point is made much weaker when you consider 1) Hydreigon was absurdly broken anyways and
2) the offensive counter play to Iron Hands is much shallower than for Hydreigon.
Like seriously how are you revenging or even pressuring this mon bar ridiculously strong Psychic/Fairy moves, none of which are easy to fit on teams usually. I suppose there is Sandy Shocks too but none of these things ever want to deal with a +2 healthy Iron Hands because it can just Drain Punch a ton of health back. The even bigger issue is that Iron Hands can set up/threaten on so many common physically offensive threats - Tinkaton most notably but also Tyranirar, Bisharp, Magnezone (special!), Staraptor, etc. Just so many strong attackers that don't normally let massive threats in but they simply do let Iron Hands in because of how ridiculously bulky it is.
Again, all of this is with respect to a single Iron Hands set, which may not even be it's best set to be blunt (although I'd bet it is).
So this is why Iron Hands should be banned - it's way too strong and bulky, it's bulk prevents our ability to properly revenge it and it gives Iron Hands too many opportunities to come in. The counterplay it does have is very abusable and Iron Hands can beat what it wants to and it's just far too dominant.