As it stands, aerial combat isn't exactly very expansive for most characters. the closest you'll get to actually doing anything meaningful in the air outside of combos is with wizard, who mostly just uses it as a place to safely zone with their hover. The "anti airs" in the game are pretty lackluster as well. Ninja's uppercut has laughably little vertical height, making it used solely as a reversal rather than an anti air in most situations. While cowboys Backslash did get buffed, it can only really be used against opponents that are directly above him and he cannot effectively cover any other angles aside from that. Wizard is kind of just fucked in these scenarios, as the only actual option he has that can effectively hit aerial opponents quickly is magma bolt, which is incredibly short ranged. While I'm not asking to make the game Melty Blood 2.0, I'm simply saying that air combat is really just more boring than anything right now.
Hailish
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Mana strike is incredibly predictable (people are basically guaranteed to use it as long as you're in range, especially on whiff cancel when they have nothing else) and you can counter it by simply tech rolling. You can also parry it in certain scenarios. It's basically just a more dangerous Lightning Slash.
I agree that cowboy should have his moveset (and really playstyle as a whole) significantly changed. While he is supposed to be the sword fighter with disjoints and "high risk high reward" attacks, this isn't the case at all. Teleport lets him start a combo off of practically anything that isn't quickdraw, and lets him effectively make every combo burst safe with the right spacing. Cowboy's combo game is however extremely boring, making it not feel satisfying to land hits. Lightning slash being able to loop into itself repeatedly (which was FAR worse before the knockback decay update) just makes cowboys rely on this move far too much. In my opinion, cowboy should be more of a "Marth" styled character. Fast, long range, good punishes, and using disjoints to play keepaway with the opponent, instead of just using Lslash whenever they get into range without any more thought involved.