Haha, nono! They're not busted. They're just "better than the rest" by enough of a margin that they have a big effect on the standard tournament meta (i.e. tournaments where you do a double-blind pick, and then the loser of any given game gets to select a different character if they want). All of them can be counter-picked by specific characters, but they all have a generally advantageous spread of match-ups compared to the rest of the cast.
The '19XX meta' is just 'the character selection meta-game that exists in the 19XX format.' So the 'standard tournament meta' revolves around Troq/Zane/Geiger/DeGrey and the characters that counterpick them, while the '19XX meta' seems to revolve around Argagarg/Setsuki and the characters that counterpick them. I say "seems" because there's only been one tournament played in this format, so the consensus isn't settled at this point. I don't think anyone would disagree that Argagard and Setsuki play extremely important roles in it though.
I think it's worth saying that there's a difference between "characters I hate playing against" and "characters that are very strong." There's a couple of characters I dislike playing against, and none of them are in the list of banned characters. I generally find playing as or against the top tiers enjoyable - I'd just also like to see more character variety, and this tournament is a way that I can make that happen.