Whipped up some data on the buffed Electroshock with rage and max freshness. This is against Mario a roll's distance away from the ledge of FD, no inputs at all once he's hit.
<50?% 80%
50-70% 75%
90% 70%
110% 65%
130% 55%
150+% 45%
CHOMPY
ReRaze
Discuss. Now.
Well....let's compare to fsmash
-the dash? F-smash has absurd range to make up for it.
-the super armour? F-smash has a disjointed hitbox
-the kill power? about the same but F-smash can catch spot dodges although the knockback angle for electroshock means it kills earlier this can work both ways, if hit from the other end of the stage the opponent can live longer, fsmash may kill off the top but ideally the upperdash arm is really useful for those situations. One might say, that in that case you could use usmash instead of the upperdash but usmash doesn't have the type of safety in super armour or disjoint on the ground nor does it have much range horizontally
-frame data? Both are unsafe but F-smash comes out faster and is less punishable if spaced right.
So it is pretty much a second fsmash.
I'm not saying the buff was pointless or that it doesnt help much, I love it, this new elecrroshock it is absolutely absurd and it is extremely deadly near the ledge and if one knows how to use it. This was a much needed buff for the electroshock but not for Dark Pit himself as a whole. In terms of overall utility I think some people are overhyping its usefulness. you may not always find yourself near the ledge for Electroshock or Fsmash to kill reliably which is why the upperdash helps even more with killing consistently. I don't see too much of a reason to use it over fsmash it's just another good option especially for certsin MU's e.g against luma, ganon, little mac, etc.
Consider the electroshock like a ness bthrow, at kill percents better players will avoid the ledge at all costs and try not to get grabbed, the electroshock is even easier to avoid. The only way you will get your opponent near the ledge easily is if they are chasing you off and using the arm in this situation most likely means you will be knocking them accross the stage. (ness does't even have this problem for obvious reasons).
Most people aren't even DIing the Electroshock arm properly resulting in ridiculously early kills most likely because they aren't used to it. Regarding testing horizontal knockback in training mode offen results in much earlier kills because of no DI, so the opponent will just float into the blast zone.
TL:DR it's kinda a niche but it's still really good.
Also it's kinda late here (and damn hot) so I didn't bother double checking or thinking too hard. If I said anything stupid please by all means correct me.