>>18485504In essence, everything that is said through second speak is a myth when it comes to Pokémon, we will never know what the truth is until the actual creators decide to go along with what they said.
Any Pokémon that is one of a kind is a unique Pokémon as far as the games go, but when you factor in the Anime, that isn't exactly true.
In Gold and Silver it is hinted strongly that the Legendary Dog's were once Pokémon that died in the Fire of the Burnt Tower and Ho-oh seeing the sadness in that event, decided to bring the Pokémon back to life as guardians to prevent further tragedies.
To say that it is a Myth because it is portrayed as one makes you think that it is up for interpretation, I believe it is true while you think that it's just a Myth, but because Gamefreak haven't actually made any references to whether it was true or not leaves fans at a stand still.
By game logic, Ho-oh's powers are strictly fire and flying based, but we are lead to believe that it also has the power to travel through time, as well as the power to resurrect Pokémon, both of which isn't represented in the game, and isn't even mentioned in the Anime due to the fact that the only appearance Ho-oh has is in the very first episode.