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Rock weights Steel down by a considerable margin, but the result still has most of Steel's usual benefits, including halved pebble damage, while not being weak to Fire lets it wall some mons that rely on Fire to beat Steel types.
I've gone through the first three Smogon tiers to look for things it could potentially wall. Almost everything in OU eats it alive, but UU includes Latias, Weavile, Scizor, Manectric, Pidgeot and Togekiss, problem being all of them have niche options to hit it with or can just U-Turn / Volt Switch out. RU's list of victims includes Cresselia, Porygon2 and Umbreon (all defensive mons that can't touch it while being Toxic bait) and possibly some of the tier's resident Fire and Grass types depending on its stats and movepool. It's definitely going to have problems, but if GF avoids everything that made other Rock/Steels awful it's got potential for RU, possibly even niche UU. All it needs is good stat spread with high HP and decent mixed defenses, Recover (something every good stallmon needs) and at least Rock STAB (preferrably Power Gem off at least 90 SpA so Wisps won't cripple it). Something like Flamethrower or Ice Beam for coverage to shrink the list of counters would seal the deal.
Then again, this is GameFreak we're talking about. Pic related.