There are a few reasons I dislike this. For one, this is the reason that tournaments inevitably decline into 3-5 viable characters to play competitively. Melee tournaments have more or less become festivales of Marth, Falco, Fox and Sheik.
WOO, getting cheered for!
Another reason...tier list is self-reinforcing. Competitive players, no matter their play/style preferences, in order to win, have to start using the high-rated characters. Thus, more weird/advanced/cheap techniques are discovered for them, everyone else is left in the dust.
I don't mean ALL competitive players in saying this, but the ones I know...
And from what I can gather lurking at smash boards sometimes.
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