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Magic Bounce gives it a lot of switchin opportunities if you can predict. When the opponent is vulnerable to one of Absol's attacks, Magic Bounce turns their non-attacking moves into liabilities.
Absol is fast, powerful has the Dark-type trifecta of moves (Sucker Punch, Knock Off, Pursuit) and can use them all well, has powerful fast priority, can go mixed, and is really fast.
It gets Swords Dance, WoW, ect. as well. Absol is a very technical mon, but is a terror when used correctly. I just don't understand why people look at a Pokemon with 150 / 115 / 115 offenses, 60 / 60 / 60 defenses, and Magic Bounce and think "hmm, I can use this as my means of dealing with hazards."
It "sucks" because it's too difficult to use for most hyper offense idiots, and it's not Mega Lucario or Venusaur.