It's not necessarily max damage that is making him pretty weak right now. Comboability is down to pretty sad levels, 6A nerfed pretty badly, nerfed overheads, and no more 22C oki hurts A LOT.
I think the biggest problem is that they took out a lot of things that made Ragna fun (he was still fun in CS2, even if he was considered weak), and all he gained in CP was... Blood Scythe. lol