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The problem with Latios is that while it's not bad as a Mega (it does gain useable buffs and a shiny new DD set), the oppurtunity cost of using it is high.
You can either use M-Latios who is only marginally better at a role that Megazard X has by the balls, or you can use LO Latios (or any other variant which gives the ever-important unpredictability factor that you lose upon Mega evolving) who is only slightly worse, and give the Mega slot to something that's far superior.
It'll be OU, but you'll likely never see it in top tier play.
M-Latias, however, is a straight up vast improvement on the CM set Latias had before. Way bulkier, way easier to get rolling. It's just the better option of the two.