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Z-moves > mega evolution > terastilize (I can't even be bothered to known how to spell it properly) > dynamax/gigantimax
Z moves allowed everyone to have something useful while ALSO having some signature Z moves for special mon. So you get the best of teratrilize/dynamax (everyone can utilize the gimmick) while ALSO having some lucky mon getting something new and unique (like mega evolution). Terastrilize needlessly complicates typing and the hats they were are silly. Pokemon becoming giants is silly too. Z moves and Mega are where it's at and Z-moves are better overall than mega.
This is coming from a big XY/Kalos stan and a defender of Sw/Sh's DLC. Z moves simply have the best pro to con ratio.