It’s not that strong. It costs 2 bars. Most characters have a better anti-air, or can use a Kameo to convert off d2 without needing meter. Scorpion, goro, sonya, striker, cyrax can all offer combos without the need for meter. It also scales pretty heavily. Not worth the meter imo.
This has also been discussed before, it will punish any attack, not just a high. Jump ins are overheads coming down and mids going up and it will punish them.