I thought up of a few possible cryptid Pokemon a long ways back, still have the basics lying around. Let me know what you guys think.
Sasqualid (Bigfoot) - Grass/Fighting, possibly Pure Power as an ability.
Omyth (Mothman) - Psychic/Flying, Forewarn ability (in reference to the Mothman's supposed disaster warning)
Crimsolia (Mongolian Death Worm) - Ground/Electric, Sniper ability for its supposed pinpoint electrical killshots
Impeeds (Jersey Devil) - Dark/Flying, Intimidate
Mysteria (Flatwoods, name a mix of mystery, hysteria, and mist, in reference to the poison mist and the panic from the encounter) - Steel Poison, Levitate
I would love for GameFreak to incorporate cryptids as their own thing, like UBs were. Some incredibly strange Pokemon that could be sighted throughout the game but only brief glimpses, with certain conditions allowing you to finally encounter and "discover" them.