Defense and keepaway are in general high risk-low reward tactics just because how easy is to get in in this game (mainly because run button exists, and run is very fast) and how much advantage you can take when you are in if you are a rushdown character (potential jailing pressure, 50/50, vortexes, etc...)
A character like Balanced feels like playing with a wooden stick vs guys with ak 47s. You can win but you have to read the opponent's mind too many times, force him to make too many mistakes compared with the few ones the opponent needs you to make.
His frames in his spacing tools (push, teleflurry, overhead slash) suck at many levels, they have been touched super slightly through the patches as if they were afraid of making him too powerful, when there's actually a lot of room to improve him without even making him top tier.
Also, many characters with great rushdown also have footsies and advancing mids that laugh at Balanced footsie options, so he doesn't shine at footsies either at all.
Defense is explored. It's just too bad compared with offense.