Players buy this item to counter stealth champs, specially the champs who can use stealth frequently or stay in stealth for longer time. But i would say the usage is like 1/30 matches and mostly ranged char use it. Since hextech lost its passive, i would say remove the passive from this item as well. Wraith Collar is already there to reveal the stealth targets half way across the map, oracles still exists so either remove it or redesign it. Dont allow players to use one item to nullify the whole stealth as a defense concept.
So i can safely say people buy this item rarely to hard counter Akali, Eve, Shaco, Twitch, Wukong and in rare cases Renegar, Khazix.
Edit : Keep the downvotes coming, truth will always hurt.