A lot depends on how the game's overall meta develops. Is it going to be aggressive or passive? Will it favor camping, spacing or rushdown characters? Is edgeguarding a thing again? Are shield still crazy powerful? How will big characters fare in comparison to past titles with some of the general changes, like normalized jumpsquats?
There are too many questions still to say anything definitively, but with what we know so far I feel like he's probably going to be mid-tier, maybe on the lower end. Like, he definitely has some positives, like his speed being significantly better than most heavy weights both on the ground and in the air, the former which could be particularly important with the new dash mechanics. N-Air, U-Air and D-Tilt are all fantastic moves both in neutral and to either start or follow up combos, with F-Air also having a lot of potential out of throws and comboing into itself, and he's got a variety of decent options when it comes to KOing aswell. Side-B also has a lot of potential, but it's difficult to say how useful it'll be in the long run as a whiff can be punished hard, and it's a little bit slow.
His weaknesses are huge though, of course his size making him combo food is the obvious one, but his recovery also looks simply horrid. He might have an extra jump, but it doesn't make up for how easy both of his recovery options are to read, if he could at least go diagonally with his Up-B he'd be a ton better, but as is he's just completely lost when having to recover at certain angles. The weakpoint when charging his Neutral-B will also hinder it from being a viable projectile in a lot of matchups, it seems like anything that deals knockback triggers it, so characters like Sheik and Falco can just straight up shut it down with needles and lasers, and with a significant damage penalty to Ridley aswell.
I'm optimistic he won't be bottom tier as he's definitely got some great tools, but I don't expect we'll see him compete at tournaments, but like I said it's so incredibly early, we can't know anything for sure, he might just end up being amazing or even complete garbage, who knows. Worst case scenario there will always be balance patches to fix him up a bit.