(Disclaimer: I don't think Sneasler is ban worthy but do think there's more to discuss with its potential usage)
Something I think should be noted for Sneasler is that people are assuming the item has to be something it benefits from and can throw away on command to trigger Unburden. Besides some options like Close Combat White Herb (not like Sneasler is slow if it needs an extra turn to speed itself up), what if the item chosen was something that you are sort of encouraging the opponent to let it keep intact?
EX: Meowscarada is faster than Sneasler, but can't 2HKO with unboosted Flower Trick even after Stealth Rock, necessitating it to have clicked Protean Play Rough (which comes with its own issues since Meow struggles to break Steels) or have a Choice Band. Normally if something like that forces out an opponent, it's free real-estate for Knock Off or U-Turn. But if Meow is staring at Sneasler, U-Turn is opening a turn up for Swords Dance or Dire Claw depending on the set, and outside of certain HO builds, odds are a 123 Speed mon was probably already your main Speed Control, so it'll be rare to have something else faster to U-Turn into (especially if it was the Scarf set). That said, Meowscarada is discouraged from using Knock Off because it could speed up Sneasler, who can now SD on the retreat turn (Scarf would be locked in, while any other set fails to KO with Knock Off + another move) and is now primed to sweep after 1 set-up turn instead of 2 or 1 + some team support.
Roundabout example aside, my point is Sneasler is fast enough that it may not need to trigger Unburden to immediately threaten a sweep, so it's not like it needs to be regarded as lacking an item. If you want a particularly useful item for it, consider Air Balloon: Sneasler's typing already resists Stealth Rock, so let it hover over Spikes and its Ground Weakness for a bit. If the opponent pops the Balloon, then you get to absorb Toxic Spikes instead and are in go-fast mode. This probably pairs especially well Pivoting of your own to control Sneasler's entry so it doesn't get hit too soon, and also discourages opposing Knock Off/U-Turn spam for the above mentioned "you set me up" reason. Given Sneasler's stat profile already matches up pretty well against a lot of HO (base speed/equivalent boosting outruns unboosted Valiant and Cinderace), there's room to play against attackers who don't want it going faster, while Balance/Bulky teams that have to fear a SD boosted turn have the concern of what the item is doing for it (Air Balloon couldn't be touched by EQ-only Clodsire for example, which is free boosting).
This is also running with items that WILL get used up or go away at some point. I could also see merit to playing a "normal" Item Sneasler that can exploit Unburden to be a Knock Off Absorber. Another example: Using Scarf Sneasler as a cleaner or Revenge Killer, opponent can't Knock Off since it'll still be faster from Unburden after losing the Scarf (so no Sac for item removal to allow a Set-up Turn for example). Focus Sash is also telegraphed but probably doesn't hurt as an option on the table, and maybe a cheeky player could use Black Sludge to patch up minor chip and discourage Tricking Sneasler or its teammates (Scarf Rotom-W ain't gonna like that chip if it gets baited on a Trick Attempt for example).
Everything will be banned once HOME drops
Nothing else will start OU
Pokemon is dead.
