Fisticuffs is in no way shape or form a bottom five variation. The main reason why people don't use it much is because A-list and Stunt Double exist. Even if it is his worst, it is still probably sitting comfortably at middle of the road.
Fist bump is actually really good. The fist bump is NOT just a buff on fist based attacks. If you go into practice mode, you can see that his forward 3, 4 (godlike ranged mid that is safe) gets DOUBLE the chip damage. This same goes for his forward 2,4 INCLUDING hits that do not involve his fists. His down 4 does double chip as well. You get almost 20% for a throw(17%) and let's be real, this is awesome considering throw tech is a guess in and of itself /nobody is teching every time unless you telegraph your throws a lot. Johnny has pretty legit stagger pressure across variations. The 1,1, staggers as well as 2,1, 4 can be used in concert with speedbag pressure, throws, down pokes (he has a pretty good down 3 now too).
4% chip with fist bump active on your force balls (which even without fist bump active do 2% chip and have a good arc for catching opponents). If the buff is active against most of the cast you can force them to come to you since the chip damage stacks up very quickly and that's a pretty huge deal in and itself.
Speedbag, while not as great as it used to be obviously should be used very strategically since people are familiar with the gap, you can bait reversals and since it's only slightly negative on block you can block any reversal in the game no matter how quick. Many characters have unsafe armored reversals like Kitana, Sub-Zero, Tanya, etc. Even characters with safe wake ups you can still reverse pressure on them after.
Johnny's universal tools make him good enough to not be bottom five (I didn't even touch on his nutpuch reset at all), but his fisticuffs tools are fine and work reasonably well in concert with his core kit. The bottom five downplaying needs to stop.
If Goro wasn't in the game, this would be my main character. His gameplan is simple, effective and fun. I don't see how he cannot compete. I still use him from time to time for the above mentioned reasons.
If Fisticuffs is a bottom five variation, this game is insanely balanced. I don't think Cutthroat should be the standard we're trying to get everyone at overall.
By the way, Kitana has a six frame poke now so she can be moved up on that list.
Correct me if I'm wrong, but fist bump buffs more than speedbag. I know it changes his throw to a more damaging one, and I believe it gives his flip kick and maybe one other move a slight increase in damage.
It buffs the chip on his down 4, forward 3,4 (great mid, safe), force balls (4% chip and the start up is pretty decent with a nice arc).
The chip on normals that are NOT just for fist related attacks.