You know, for someone who’s trying to present an argument, you’re awfully inconsistent:
Far be it from me to overextend myself, but your diction and general negative tone suggest to me that you think wavedashing provides an unfair advantage to characters such as Peach, and as a result, makes her (as you see it) overpowered–thus ruining the game.
Fox is not broken because of the wavedash, btw. Infinite shines work on a few characters–namely Link and Peach–and otherwise, waveshines are generally just an anti-grab strategy that may lead into some combos. Everyone else can DI after the shine to stop excessive combo’ing.
You want to know why Fox is near top-tier? Because he has crazy vertical KO moves like u-smash and u-air, and vertical KO moves tend to negate whatever DI you throw at it. You can DI the shit out of u-smash/u-air, but you’ll still get KO’d at around 100%, which is pretty low.
His recovery range also makes his edgeguarding pure rape. He can go as far out as he damn well pleases to shinespike and still make it back. Add in the fact that his shinespike is % independent, and he can effectively edgeguard at all ranges and at all %s with equal efficiency.
His speed and generally low lag also make him almost top-tier. He recovers so fast that he can generally pressure the opponent with aerials/jabs and do whatever the hell he wants with minimal risk of retaliation. His shffl’d sex kicks are damn amazing because of that. Plus, his speed makes him–outside of Falcon and Marth, IMO–one of the best techchasers in the game. His d-throw forces a tech-chase situation, and his speed allows him to take advantage of whatever you choose to do to respond to his d-throw–which, by the way, can often lead to his KO moves, general shffl’d aerial pressure, or other crazy stuff.
THAT’S what makes Fox top-tier. Basically, his shine, his speed, his low lag, decent recovery. . .he’s a top-tier character because of his inherent abilities, not some so-called “glitch” that “breaks” the game. Wavedashing hardly gives Fox the advantage that you think it does.